Hi, I currently have 3 investment properties. Two are single family and are now listed for sale and headed to the foreclosure process. The third i have is a 3 unit investment property that is doing well. I am cutting the cord from the first 2 and I know that my credit will be affect a lot. The 3 unit has equity but I’m afraid with my current situation and how the economy is that I won’t get approved to take out equity to purchase another property. Ideas anyone? I want to continue to focus on multi-family properties. Do I concentrate on seller assist properties? Any advice would be helpful…thank you.
Having Trouble with current properties...advice to move forward please
If your about to lose two properties to foreclosure it would probably be wise to maybe take a break and figure out where you went wrong on those two.
I agree with christopherw. You need to quit thinking about buying and start thinking about saving enough money so that you don’t go to foreclosure again.
Would you share with us what went wrong on the two single families?
That way someone can at least learn from your mistakes. We’ve all made real estate mistakes.
I agree with both christopherw and furnishedowner…we all make mistakes! That’s how we learn!!
So, once you’ve got that figured out so you don’t have to “learn the lesson” again… if you need to, focus on owner financing (there’s plenty out there, and tons of deals!). Just remember, it doesn’t take credit to buy property, or cash for that matter.
Like one of my favorite people, Randy Pausch, said “The Brick Walls are there to stop the OTHER people”.
A very succesful friend of mine once told me, “The only real mistake is the one from which we learn nothing.” Use what has happened as a learning experience. Don’t rush into anything. Develop a foundation to prevent the same situation from occuring in the future.
Cut the cord and short sell the 2 single family homes. This is the worst downfall since the great depression and you cannot control the market. In the future, if you have strong LTV and positive cash flow you will have multiple exits and can handle even a downfall such as the current one.
I recommend private money, you do not need credit and you call the rules then it is pass or play. Best of luck.