I own a commercial apartment building that is 6 units, I only owe 0K and it’s worth 0K. I own a home but I refinanced it and took a lot of money out to pay some bills and stuff… now I owe 0K and it’s only worth maybe 0 and my mortgage went up to 00 a month.. I can’t afford that home anymore so I haven’t paid the mortgage for about 3 months…I’m doing a short sale (I’m a realtor and selling it myself). I have fallen behind on my car payments 3 months and now owe 00 to the bank or they will re-po it (I’m letting it go). My credit is no good Fico 450.
I need to start over, I live in california so the property values have went down and there are foreclosures everywhere. I haven’t been selling homes because of the bad market and got a real job now (computer tech). I make about 00 passive income net on my building. I have on the market for sale at 0K and if I sale it I will have 0K. How can I get out of this problem and just start over… Please help
I am pretty surprised you have a 6 unit that is only worth 700k in CA thats pretty hard to find but beside the point. Since your making $3500 passive income on the building i would say thats pretty good. I am not sure how all your financing works and what expenses you have but it would seem your after-tax return on your investment property should be positive.
Have you thought about the possibility of selling your home and living in the apartment building. This way you can also act as the property manager (if you are willing) and its definitely cheaper then living in your other house. The money from your sale can be used to pay off your car and various loans and etc.
The ideal situation would be to keep both properties however, I doubt you will be able to make the payments for your home and refinancing for a better loan seems out of the question with your current credit. So i think its best to give that up even tho its a crappy market now in CA and you probably wont get what its worth.
Good luck, if you have any more questions you can email or contact me.
sell everything for what u can and start over…
the short term solution would be to try and rent some rooms out and generate some income that way.don’t give up you have worked really hard don’t throw it away do overtime see if you can get a cheaper loan you still have asset’s and value in property go get some advice can you borrow the money off you parents ring the mortgage company up explain your current situation and ask for them to freeze the interest on the loan spend all Day doing these things all the best nelson smith don’t give up you have worked to hard to throw it all away opportunity meets preparation you do computers sell your skill people are willing to pay for good help