Posted on: 16th Jan, 2013 11:30 pm
Hi there… I have an investment property along with my primary residence. There are renters in my property but even the rent payments are not enough to pay off the mortgage on it and I cannot afford to pay it from my pocket anymore. How do I deal with this? Who will buy my property?
Hi Vernon,
I will suggest you to contact your tenants and check out if they are interested in buying the property. If they are interested in buying the property, then you can sell off the property to them and get rid of it. However, after the property is sold off, you will be liable to pay off the mortgage in full.
Take care.
I will suggest you to contact your tenants and check out if they are interested in buying the property. If they are interested in buying the property, then you can sell off the property to them and get rid of it. However, after the property is sold off, you will be liable to pay off the mortgage in full.
Take care.
You can increase the rent that you are charging. If the existing tenants are willing to pay higher rents, then that is fine. Otherwise, you have to look for other tenants. If this does not work out, you will have to find a buyer for your property.
Welcome Vernon,
You can even list the property in the MLS listing and check out if you can get buyers for your property.
You can even list the property in the MLS listing and check out if you can get buyers for your property.