need some good advice

[joseph44]

Hi Everyone,
I recently moved to fl retired.My son and I had 2 propertys left
in s.c.I gave him p/a to do what he will with them.I don't want a dime from
the property's.My problem is my name is still on the deed's.Both homes are
in neighborhoods that went downhill quick.One not as bad as other.He has
been trying to sell them,he can't get them rented.I have 2fold question on
this:1 What would be the best way to market these homes I tried a few adds
plenty of calls no takers.2 Homes are upside down.I'm in a corner,don't want credit touched by bank.He would sell for what is owed.If I can't get rid of them what and how does it affect my credit if I call the bank about paying
interest only or I see about deed in leiu of .Homes need some work.I just want these homes to sold or rented to sell.Thanks sorry this is sooo long
But have a good day all!!

[Jim FL]

Hi Everyone,
I recently moved to fl retired.My son and I had 2 propertys left
in s.c.I gave him p/a to do what he will with them.I don't want a dime from
the property's.My problem is my name is still on the deed's.Both homes are
in neighborhoods that went downhill quick.One not as bad as other.He has
been trying to sell them,he can't get them rented.I have 2fold question on
this:1 What would be the best way to market these homes I tried a few adds
plenty of calls no takers.2 Homes are upside down.I'm in a corner,don't want credit touched by bank.He would sell for what is owed.If I can't get rid of them what and how does it affect my credit if I call the bank about paying
interest only or I see about deed in leiu of .Homes need some work.I just want these homes to sold or rented to sell.Thanks sorry this is sooo long
But have a good day all!!

Joseph,
We may be able to give you some ideas on how to move these houses, perhaps rent them, perhaps not.
Is your son willing, and able to be a good proactive landlord, should you rent them?
Does he want to?
If not, then selling them makes sense.
the concern I have is that you said you are upside down on them, AND they need repairs.

So, give us some numbers.
What is owed? Balance on loans?
Full market value, if repaired?
Market rent, if repaired?
Amount of monthly payments?
Do the payments include taxes and insurance? If not, how much are those items?
Are the above things current? If not, how far behind?
Who is the lender(s)?

What kind of repairs? How much to fix?
Can you afford to get it done, and fast?
Remember, these are rentals, in a declining area, so clean, neat, and liveable, not top dollar renovations are probably best.
Are there investors in the area? I'm sure there are......perhaps advertising to them is in order?
run an ad......investors wanted, house for sale, take over payments, immediate possession......then sell on contract, not sub2, since you are concerned about your credit, stay in the loop somehow, making sure your mortgage payments get covered.

Give us the numbers first, from the above questions, and if anything can be done, I'm sure the troups here will chime in with some great ideas.

Another note, post your scenario in the South Carolina forum here, perhaps someone from there locally can help as well.

Some of us even do deals from afar, so if you post the numbers and someone can make it work, your solution might be waiting/lurking here.

Either way, get back to us, and we'll help as best we can.

Take care,
Jim FL

[LeadingEdge]

I am moving to SC in 8 days so I would like to know more details as Jim stated. I may also be able to move them to investors I know as I bird dog for a few and wholesale.

These would be of real interest if they are in my area too.

Please post more details or email me the specifics on them.

Thanks

Mike

[joseph44]

Hi Jim,
I'm also in fl just about 1yr retired.Anyway here is some of the details
on the propertys in s.c.First my son has his own business h/air they are more
of a burdin on him.

Ist home is owed 29/30,000 2nd home 26/27,000
Rent=400/m we had wkly rent=500.00/m we had wkly
Payments=192.oo/m payments=229.00/m
taxes and insurance seperate
approx 7-900yr insurance approx 600/y +or-
All payments are current
Lender is bank repairs approx 7-8,000 carpet,roof? paint in/out
one kitchen fl/cabinets haven't seen them in 2yrs

Don't want to put anymore time or money in the propertys
Yes there are investers in area
By the way one home has been vacant. 2nd was just rented MayBe
1st home is located in poor section 2nd home fairly nice area
2 car block garage with this prop 1 car shed with this large lot

I may have over exagerated upside down statement.
Any help would be greatly appreciated,I will fax my son to advertise for invester.They are both registered with sec.8

Well thats about it let me know what you think.Thanks and have a good day!!

[Jim FL]

Joseph,
The only question that remains, which would really help in deciding whether or not purchasing these houses would make sense, is this......value.....market value, both 'as is' and after repairs?

So, make some calls, contact a local RE agent/broker.
Tell them you are 'thinking' about listing, and want to know the value of these properties........ask for comps.
Tell them you want to know what they would price them at, 'as is', and if you completed the repairs, what they'd list them at?

You do not need to sign any agreement to list with the agent, or pay them anything, just some numbers to help decide what to do.....which very well might be to just list them.

Since they are current, if the value is there, someone might just come in a buy them for cash, or with a loan.
If not, then it will be time to get creative.

Give me some values, and I'll be happy to lay out a few scenarios for getting these sold.

If they are worth at least $50k, then maybe something can be worked out.
Another idea, have your son take some photo's of the houses, and the items needing repair, get them in digital format, so you can share them online.

with that info, we can come up with more options.
Heck, if the numbers line up, and I can see (via a photo), the properties, and repair spots, I may just buy them from you....or someone here.

Either way, find values, and with everything else you provided, we can go from there.

I look forward to your response,
Jim FL

P.S. Where in FL are you located anyway? I'm in central FL, between Orlando and Tampa.

[joseph44]

Hi Jim,
Thanks for your quick responce I'm located in Bradenton,Sarasota area
this is a hard place for creative ideas.Number of realtors doing l/o.But I'll
keep plugging away sooner or later I'll get this rolling.Anyway I will contact
my son tonight,I don't know if he has access to adigital camera.I'll get fmv
from a realtor we used .I'll post as soon as I can.Thanks again Jim and have
a good day!!

[Jim FL]

Bradenton Sarasota is a hard place for creative ideas?
Nope, I disagree, and will show you soon what I mean.
I have a buying trip scheduled for there in a few weeks, and plan on buying a few houses in your area.

As soon as you get us full market value, and some repairs, I'll help you set up a plan to get the houses in SC sold.........they can be moved.
I'd hold off filling the other one with a tenant for a couple days........selling an empty house is always easier than tenant occupied in my opinion.

Take care, and you are not far from me now,,,,,,,,just up 75 and over I-4.

Jim FL

[joseph44]

Hi Jim,
Thanks Jim for your help and I mean that.I will let you know as soon as
i hear from my son.Thanks again and have a great day and a good trip south!!