Posted by Randy on December 25, 2001 at 16:07:23:
I have about a dozen residential income properties consisting of mostly single-family units which my wife and I successfully maintain and manage locally. About 3 years ago, however, we left our comfort zone and bought a triplex in a costal community about 500 miles from our home base. You know the story; "It seemed like a great deal at the time." This place quickly became a nightmare - a virtual money pit which has depleted our resources substantially and lead us through a long string of management horror stories, destructive tenants, etc. We originally paid $110K via a new 1st mortgage for $60K and the seller took back a second for $50K; payments on $25K and a 10-year balloon for the balance. Presently, the understanding seller has worked with us, allowing us to skip his payments until we can get the place up and producing again. Meanwhile, the 1st lienholder is not quite as understanding and, to make matters worse, the property taxes are only about 8 months away from becoming a serious factor. I've considered about every option I can think of. We've always had excellent credit and relationships with all our financial institutions and do not want to even consider letting this mortgage foreclose. I think the seller would be open to almost anything I could propose to rid us both of this nightmare and we must make a decision very soon. Any advice will be much appreciated! Thanks!
- Re: Need advice on a bad investment! Reg Presnell 02:35:59 8/01/2004 (0)
- Some quick thoughts Michael Morrongiello 23:55:06 12/25/2001 (1)
- Re: Some quick thoughts Randy Johnson 19:50:34 12/26/2001 (0)