From: amygr063@yahoo.com
Newsgroups: misc.invest.real-estate
Subject: Re: Need advice on getting rid of rental.
Date: 2 Jun 2005 02:24:15 -0700
   posting-account=XCiOEAwAAAA7DHuTJRkAupOuHD80fska


I feel for you ... I had a similar situation - I was talked into buying
a 4-family in early 90's to "help the family" I didn't physically live
in area and my sister promised she'd manage the property (she was in
real estate) - that it was a great income potential and would help my
then struggling family... long story short - sister moved away I tried
to get managing company to take care of it - they're not interested as
there's no profit from 4 units and trying to rent the unit without
physically being there is a joke - even with lawyer I couldn't save it
and eventually went to foreclosure - someone bought it for 12K and the
mortgage company was after me for 10+ years to fork over the balance
which of course I didn't but just the same- it was a horrible
experience and I think my credit is still damaged from it... In
retrospect I think I would've given more effort to saving the property
and played landlord altho I know what you mean - I hate it too - but
the alternative is worse .. good luck! where is this property by the
way - have you tried to sell it on your own - listing it on ebay? or
fsbo or something like that??

Sgt. Sausage wrote:
> "jinto34"  wrote in message
> news:1116426081.806487.181100@g14g2000cwa.googlegroups.com...
> >I purchased a rental property as primary residence at the advice of the
> > lender for the lower int rates, apparently quite common.
> >
> > I lived in it for 2 months, then rented it out for 6 months (hated
> > being a landlord).  It has been on the market for 1yr, no takers and
> > vacant.
> >
> > Its priced below what it was appraised at by ~15000.  It is nice (no
> > damage) but is a basement unit.  I think when appraised lender just did
> > a search/drive by and found most condos in area going for X at that
> > size in that area and called it that.  Again, nice but for what I paid
> > no one wants to live in a basement unit.
> >
> > I can no longer afford it, I obviously live in my "other" home.  I want
> > it GONE.  It has a first and second mortgage (both up to date).  I can
> > afford to pay off the second equity line (~17000) and that wipes out
> > all my cash (if I sold it today that is how much I would have to bring
> > to table). Every month that amount dwindles.
> >
> > Advice needed:
> >
> > Pay off the equity loan and let bank foreclose?
> > Just let them Foreclose?
> > Deed in Lieu? etc.
> >
> > They won't talk to me about a problem Iam having until I am behind in
> > payments.  My credit score will be trashed I know, it is 800 right now
> > (it goes against every fiber of my being to go behind on payments) but
> > this is killing me.
> >
> > Thanks
> >
> > Yes, lawyer will be next step.  Called on and they told me to first
> > call mortgage CO, again not behind yet.
> >
>
>
>
>
> I know you didn't like "being a landlord" -- but realistically,
> that's your best option. Get the thing rented, ASAP, so it's
> not eating a hole in your pocket. Then you've got some breathing
> room to try to sell without taking a bath. You get take time
> to sell, you'll likely get a better deal on sale if you aren't
> so desperate, and you'll save your current (really good) credit
> rating.
>
> Is landlording so bad that you can't do it for another year, and
> you'd rather trash your credit score and start talking to
> lawyers? Get over it. It ain't that bad.