Feb
15
I have a mix use property worth 100K, owe 18K & need to get cash out quick but I have a low credit score?
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The property has commmecial down and 2 2BRM up. It has a $750 posiive cash flow but needs repairs of about $5,000 to replace HVAC. Winter is approaching and unless the furnace is replaced can lose tennants. I am also considering an outright sale for only $60,000 but the local market is not presently strong and seems to be moving slow.
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3 Comments
January 10th, 2010 at 6:26 pm
Why do you need to sell so quickly? Are you in financial trouble? There are plenty of real estate investors who will buy your property for a little less than it’s worth. I work for a real estate investor and we’ve helped many people out of bad financial situations (and other situations) in this way. Try looking for local real estate investors through a search engine. Good luck!
January 13th, 2010 at 5:37 am
You might want to hold on the property for a little more until the market gets better. However, if you need cash out there are some lenders and investors who will be willing to lend you money even with a bad credit.
They just want to know that there is enough equity on the subject property. However, the rates are not great, but it’s always a help if you really need the funds.
January 16th, 2010 at 3:59 pm
don’t take out a loan with bad credit – that’s a sure way to lose your property.
What have you been doing with that 750 cash flow?? If I were you, I would have been saving that money for these repairs or at least paying off bad debt so my credit score would get better.
If you can’t handle the financial situation you’re in now, what makes you think you can add another 5k to it & be alright?
SELL and be debt free. Fix your credit, THEN purchase an investment property.