Posted on: 21st May, 2009 07:19 pm
I am lost in what to do now.
I have 2 houses and this was not the plan. I put 25,000 down and took on a new mortgage thinking the other house would sell and la la I would pay off new house. I this this last spring.
I was forced into renting the other house so I could keep insurance on it. Now have a property manager dealing with that. I have no clue what I need to do with this property manager. 3 months now and she sends me a check for 518.00 and renting is 900.00. What did she do with the difference? How much am I suppose to keep in touch with them? Are they even taking care of the weeds down there around the property? They can get about 7 ft tall.
In our new house. I have had renters living in the house to keep things afloat. I Don't like renters. I have landed in court twice. This landlord stuff is not for me!!
House in NM, fully paid for we paid 165,000 - renting for 900.00 insurance for renter insurance just a little over 1600.00
New house in CO, I bougth for 160,000 with 25,000 down. Mortgage is 1016.69. Last yr the house just moving in was worth 192,000 (foreclosed home) with the real estate martket The worth of the house is down to 154,000.
I need help on knowing what to do with this mess. Dealing with property managers, to keeping the house in CO and Dealing with NM. Money is tight, but I'm not behind in any bills. These renters are doing a job with attorney fees. This is slowing picking away at the savings. The house in CO is in bad need of a new roof. It's that time of year the roofers won't leave me alone. With this being a foreclosed home, buying the house as is and knowing the roof needed to be repaired. State Farm will only cover cash value of the roof 1200.00. These roofers are driving me crazy. I put a note on the front door. To ALL roofers. Don't bug me unless you can put a new roof on for 3,000 from start to finish. No the insurance will not cover this. They will only give cash value of the roof 1200.
all of this is really new to me. The accident landlord, the POA for my mom became the joint home owner of 2 houses. I have tried to meet with a money advisior and they want me to put money into the stock martket.
All income in our house hold is fixed income 1- retired 2- disabled
Where can i go to find out what is the best choices?
I have 2 houses and this was not the plan. I put 25,000 down and took on a new mortgage thinking the other house would sell and la la I would pay off new house. I this this last spring.
I was forced into renting the other house so I could keep insurance on it. Now have a property manager dealing with that. I have no clue what I need to do with this property manager. 3 months now and she sends me a check for 518.00 and renting is 900.00. What did she do with the difference? How much am I suppose to keep in touch with them? Are they even taking care of the weeds down there around the property? They can get about 7 ft tall.
In our new house. I have had renters living in the house to keep things afloat. I Don't like renters. I have landed in court twice. This landlord stuff is not for me!!
House in NM, fully paid for we paid 165,000 - renting for 900.00 insurance for renter insurance just a little over 1600.00
New house in CO, I bougth for 160,000 with 25,000 down. Mortgage is 1016.69. Last yr the house just moving in was worth 192,000 (foreclosed home) with the real estate martket The worth of the house is down to 154,000.
I need help on knowing what to do with this mess. Dealing with property managers, to keeping the house in CO and Dealing with NM. Money is tight, but I'm not behind in any bills. These renters are doing a job with attorney fees. This is slowing picking away at the savings. The house in CO is in bad need of a new roof. It's that time of year the roofers won't leave me alone. With this being a foreclosed home, buying the house as is and knowing the roof needed to be repaired. State Farm will only cover cash value of the roof 1200.00. These roofers are driving me crazy. I put a note on the front door. To ALL roofers. Don't bug me unless you can put a new roof on for 3,000 from start to finish. No the insurance will not cover this. They will only give cash value of the roof 1200.
all of this is really new to me. The accident landlord, the POA for my mom became the joint home owner of 2 houses. I have tried to meet with a money advisior and they want me to put money into the stock martket.
All income in our house hold is fixed income 1- retired 2- disabled
Where can i go to find out what is the best choices?
Hi bgina,
You are in a tough situation. You need to sell at least one of the two properties to remain afloat. As far as your first property is concerned, you need to speak to the lender and check out if he can short sell the property. This will help you in selling off the property though you will be liable for the deficient mortgage amount. As far as the roof is concerned, did you check out if you can get an Home Improvement loan or not?
"3 months now and she sends me a check for 518.00 and renting is 900.00. What did she do with the difference? How much am I suppose to keep in touch with them? Are they even taking care of the weeds down there around the property? They can get about 7 ft tall."
You will have to ask your property manager why isn't she paying the full amount to you . Check out if the tenants are paying the rent or not. This will help you in getting an idea about what is happening.
You are in a tough situation. You need to sell at least one of the two properties to remain afloat. As far as your first property is concerned, you need to speak to the lender and check out if he can short sell the property. This will help you in selling off the property though you will be liable for the deficient mortgage amount. As far as the roof is concerned, did you check out if you can get an Home Improvement loan or not?
"3 months now and she sends me a check for 518.00 and renting is 900.00. What did she do with the difference? How much am I suppose to keep in touch with them? Are they even taking care of the weeds down there around the property? They can get about 7 ft tall."
You will have to ask your property manager why isn't she paying the full amount to you . Check out if the tenants are paying the rent or not. This will help you in getting an idea about what is happening.
Thank You for your reply. The first house in NM is completely paid for. I don't think I can do a short sale on that one.
With having good credit the mortgage company would give me 50,000 over the phone. That's the problem with having the 2 houses. With that one being a rental for 900.00 a big chunk of that money has to be set aside to cover taxes, insurance and repairs. Taking out a home improvement loan just might be the thing that pushes us over the edge of staying a float. Taking us one step closer to loosing a house.
I do like the ideal of selling the house in NM. Would it be wise to take a 65,000 lost on the selling of the house in NM? Selling at a lost will stop me from paying this one in CO off. I owe about 137,000.
I wonder what others would do who have experience in buying,selling and investments. I have been a renter all my life who became a parent's care giver. all this was placed in my hands to tend to. Because of having no one to toss this out on them and talk things over. I think I'm asking if it's ok to sell at a lost. Can this be a money wise a smart choice in the long run. I can see me down the road hanging on tight to both houses and in the mean time both houses suffer from lack of maintance and up keep. You know rentals always get beat up. I know I can keep the payments up but also know that taking out loans could be the thing that breaks the bank. Landlord stuff is not for the faint in heart.
With having good credit the mortgage company would give me 50,000 over the phone. That's the problem with having the 2 houses. With that one being a rental for 900.00 a big chunk of that money has to be set aside to cover taxes, insurance and repairs. Taking out a home improvement loan just might be the thing that pushes us over the edge of staying a float. Taking us one step closer to loosing a house.
I do like the ideal of selling the house in NM. Would it be wise to take a 65,000 lost on the selling of the house in NM? Selling at a lost will stop me from paying this one in CO off. I owe about 137,000.
I wonder what others would do who have experience in buying,selling and investments. I have been a renter all my life who became a parent's care giver. all this was placed in my hands to tend to. Because of having no one to toss this out on them and talk things over. I think I'm asking if it's ok to sell at a lost. Can this be a money wise a smart choice in the long run. I can see me down the road hanging on tight to both houses and in the mean time both houses suffer from lack of maintance and up keep. You know rentals always get beat up. I know I can keep the payments up but also know that taking out loans could be the thing that breaks the bank. Landlord stuff is not for the faint in heart.
Hi brenda,
You have mentioned that one of the properties is completely paid for. You can keep that property and try to sell off the property which has a mortgage on it. Most of the properties are selling at a lower price. So the borrowers who are going for a short sale or a deed in lieu will have to face this loss due to the poor real estate market. So presently if you want to stay afloat, I don't think selling the property at a lower price will be a bad option.
Thanks
You have mentioned that one of the properties is completely paid for. You can keep that property and try to sell off the property which has a mortgage on it. Most of the properties are selling at a lower price. So the borrowers who are going for a short sale or a deed in lieu will have to face this loss due to the poor real estate market. So presently if you want to stay afloat, I don't think selling the property at a lower price will be a bad option.
Thanks