The Real Estate Mango

What Should I Do About Getting Rid of My Investment Property?

Is your investment property becoming a drain on your finances?  Do you want to be free of this obligation?  Here are five ways to deal, successfully, with this puzzle.

Miami Hi Rise

First…Sell Outright!  Pick the lowest priced comparable on the market and make your price a little bit lower.  Look over the property and if it has no appeal, home stage your property with a professional.  Statistics show that properties that are home staged sell for 3% more than ones that are left in their original state.

Second … Networking.  Contact other investors and talk about your property and share information. A good source is the REIA.  They have members just like you.

Third…Relocating or Renting  Another alternative is to move directly into the investment property and sell your primary home.  That home might be more saleable.  Or, if that is not feasible, think about renting, or lease optioning, or vacation rentals for the investment property.

Fourth…Speak to your Lender Before missing any payments, speak to your lender.  If the property is worth less than the mortgage, you might be able to renegotiate the loan, which can lower the payments and help you keep the investment for a longer time when you will be able to sell.  This can affect your credit so ask all pertinent questions before changing the mortgage.

Fifth…Last resort would be to stop making payments.  Before doing something that can ruin your credit for a long time, consult your attorney and a CPA.  Before considering this option, check all the laws in Florida concerning foreclosures and bankruptcy.  Be well informed before making any decision.

For more information and advice, please feel free to contact me.  I look forward to hearing from you.

This entry was posted on Thursday, January 29th, 2009 at 3:39 am and is filed under Real Estate Advice. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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