Hello, I own 2 investment properties in the state of Georgia which have both been empty for nearly 2 years. I live in California and cannot afford to continue losing money on the houses in Georgia. I am contemplating walking away from tham and letting them foreclose or filing for bankruptcy. I am also willing to explore any other options but right now I can’t see any. If you have any advice on what I should do please let me know. Thank you.
What management companies have you interviewed in that area? What REI Clubs have you contacted looking for anyone who might be interested in the properties?
GooD LucK! :beer
I actually haven’t contacted any property managers or REI clubs int he area, do you think they can help me? If so, how? Thanks you for responding.
Well, if it were I. And I owned real estate on the other side of the country that was loosing me money, I would get rid of them any way possible in order to stop my loss. Sounds about like where you are.
The first thing that comes to my mind is to find someone in the area who can manage the properties. Get them rented out and creating an income. Even if that income doesn’t pay the bills. IT’s better than loosing all together. I know here in Cleveland there is a management company (local only) that does properties in the ghetto for a flat $100 per month. Chances are your properties are in the Atlanta Ghetto… most Cali investors end up buyer bad properties in the ghetto in one of the major eastern cites.
At the same time I’d be looking for investors via REI Clubs who would be interested in purchasing the properties. If you are already willing to walk away from them then it would be fair to say a short sale would be ideal if you owe someone more than what they are worth.
Personally, either of these options would be worth exploring before I tossed up my hands and gave up.
GooD LucK! :beer
Where are these properties at? I moved to Florida but still keep in contact with my investors in Georgia.
There are numerous ways out of this… if you want to shoot me an email, maybe I can point you in a direction that works for you.