Tips on Property Investment|The Best Investment Properties Advice
Oct
28
hjtys asked:
I own my primary in CA free and clear and have another investment in Arizona that is also underwater. I can afford AZ but cannot afford the Texas property but am tied to a lease from the renter for an another 9 months. I need out on Texas. I tried to sell it for the last year with no luck. Is my primary safe and what is the best way to get out without much financial penalties?
Glenda
I own my primary in CA free and clear and have another investment in Arizona that is also underwater. I can afford AZ but cannot afford the Texas property but am tied to a lease from the renter for an another 9 months. I need out on Texas. I tried to sell it for the last year with no luck. Is my primary safe and what is the best way to get out without much financial penalties?
Glenda
Comments
sunnieangel88 on 30 October, 2008 at 11:01 pm #
Have you thought about approaching the current tenant, see if they would be willing to do a lease to purchase? Charge them the mortgage amount, and they maintain the property, and pay taxes, you pay the mortgage, and if/when they can finance the house on their own through a bank, you sell it for what’s owed.
You would just have to file with the county registrar of deeds, not sure on which paperwork to file, should be able to easily get that info.
Explain to them that otherwise you may be forced to go into foreclosure, and the bank will kick them to the curb.
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