OfflineFirst, let me say that for the past few days, I've tried to gain from the wealth of experience that seems abundant on this site. Though I've picked up a few ideas which may be beneficial in the future, I haven't come across one that addresses my specific problem.
I'll also admit that I'm as green as pea soup with real estate, so please explain any possible answers to me as if I were a sixth grader.
My Situation...
My mother passed away last year and left two properties. We had to do a reverse mortgage on one to cover her medical and living expenses during her last year. I now have to pay back the reverse mortgage, which is only 40% of the home's value, in order to keep from losing the home. I just requested, and received a 90 day extension to repay that loan.
I was hoping to sell the other property to pay down the reverse mortgage, and hopefully buy more time. But that property is in desperate need of repair, and my credit, nor my income puts me in a position to get the work done to pass inspection.
There is no mortgage owed on this second property, but based on my credit, I'm having difficulty finding lending to cover the work need to sell it. I was hoping that the sell of this property would be the start of my real estate investment empire. But right now, it just seems to be a royal headache.
I need help. Any ideas???
Live life abundantly!
wtmarsh,
Do you have Dean's book? Did you read it? It seems to me that you need to get that home sold ASAP. Dean's book gives a lot of advice on getting homes sold. Look through your local news paper real estate section for an ad that says WE BUY HOUSES or something to that effect. Let them know what you have and the condition, they are always looking for a good deal. You could get the house sold very fast that way.
Read Dean's book over and over until it clicks. Contact all of the real estate investor clubs in your area and try to sell that house in the condition it is in now. Trust me, someone will buy it, you might have to offer it at a lower price but someone will buy it. This will give you a little experience and confidence that I can tell you desperately need.
I have notice that a lot of people on these forums are not having success because they are cutting corners. It is more work to find the for sale by owner. Everyone wants to go for the bank owned REO's. Don't make that mistake, trust me, It is hard for a beginner. Very very hard. If you do try the REO's you will get so frustrated that you will give up all together.
Believe me, you have to be a seasoned professional to assign or pass off a REO, and no one here is going to walk you through it step by step. It's too hard. Private owners are the way to go. Remember, there are so many REO's being sold, private owners facing foreclosure are having a really hard time selling, that's where you come in.
Read Dean's book over and over until it clicks. Follow Dean's book step by step.
Regards and don't give up,
Ben
Try these...I hope this help you.
www.webuyhouses.com
www.webuyhouses24-7.com
God bless you and direct you.
Sara
Contact me I may be able to help
anitarny@**** or www.jarleinvestments.com
Anita
******************************************
TWITTER - anitarny / FACEBOOK - anitarny
"FAILURE IS NOT AN OPTION"
Thanks for the input everyone. As you might imagine, I'm open to any and every suggestion. I have believe that something's going to work out.
Terry
Live life abundantly!