Due to a long term loss of income complicated by total depletion of savings I am only 4 weeks from facing forclosure of my home . My credit has also been damaged beyond repair due to charge-offs,collections and late payments. I have enough money coming from tax return to bring mortgage current and pay my property taxes and I intend to do so. I’ve just recently gained new employment but am at entry level pay scale. I am now in a negative income to debt ratio and must reduce my monthly outgoing at least 50% in order to pay min. on debts and eat. I have a small amount of equity but a loan is out of the question and only adds to the problem.
One of your club members suggestions has inspired me to think outside of the box remove myself emotionally for a minute think like an outsider might do. I soon began to realize that although my house is my biggest burden it is also my biggest asset and maybe my best opportunity to start investing in real estate, after all I already own the controlling interest in the property. One of the hardest parts of real estate investing is getting control of the property, wouldn’t you agree? Giving that up does not make good since even if I can’t affordto pay for it. No investor can afford to pay notes on his investment properties can they? They let other people pay it for you. Right? I should be taking advantage of the situation instead of walking away from it.
I have decided to offer it as a lease/purchase deal. I can cover my cost, put cash in my pocket from down payment, 1 to 3 years to close the deal. If they close I should make a nice piece of change. If they walk I will do it again.
I can move to small rental untill I am able to do better. If I get many calls from possible buyers I will start looking at other ways as you guys suggest to obtain properties and build from there. Hopefully my successes will out weigh my
no so’s. I call it the “Hail Marry” approach. I’ll toss it up a see if anyone wants to catch it.
Anyone have suggestions or any experiance that I could tap into. I need help with the following details:
Proven key words or phrases and best media to advertise for quick response. What to say and not to say at first contact.
Best contracts/agreements and riders, etc. for maximum protection and quick default solutions
How best to screen applicants and what factors best indicate good payers vs. bad ones. Obviously applicants will have some negitive credit history or they would not need my assistance/time to buy a home.
Any legal pitfalls I might want to avoid or prepair for.
Any suggestions or experiances you have are most appriciated.
How much over todays market value should I
set selling price?
I purchased in 2000 for 149k.
Refid 2004 now owe 159k. appraised @ 173k
Recent market value analasis placed it 189K
Two new subdivision in walking distance are almost
complete homes starting at 200k and up.
Best school district and new elementary school. two miles to interstate 85 and 30 miles to Atlanta…
One home within a mile recently sold for 750k.
Several homes close by at 1m or more.
Is owner financing possible with me as the note holder?
Lots of questions I know, any answers to any one would be of great interest to me.