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Posted by:
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bonafideCP
new york
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228 Days Ago
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State:
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Florida
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Hello all - thanks for reading. I am new here.
My situation is as follows, 3 years ago I closed on a house for this investor in Florida. The deal was that I'd get cash for him using my credit so that he could close on house. And the agreement was that he'd flip the property within a year and that would look good on my credit history. He took care of renting property and paying mortgage. I was only part of the initial phase and I got cash for it. I didnt' think he wouldn't be able to flip it.
But yesterday I get a call from him. He is telling me he hasnt been able to sell my home plus 100 others in Florida and he can no longer manage it.
So basically he's telling me I'm it. I have to now be the 'landlord' and take care of this.
Good news is that currently it is rented. Bad news is that this home is in Florida and I am in New York.
Also, the current lease ends 11/30/07.
I would love to sell but if market is so bad I dont want to risk not having a tenant and having to pay a mortgage I have $0 money for.
Any thoughts?
Should I just hire a rental property manager in Florida to take care of it for me? I have never dealt w. real estate before, I am a new york renter so I have zero experience.
Also, is what this investor did to me illegal? He did this w. hundreds of people. ALso I am worried about tax reporting. The past 3 yrs he would send me 1098 and i'd claim mortgage interest but i never got involved in the rental income he was earning b/c he made that himself. I need help!
Any advice would be greatly appreciated.
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232 Views |
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Posted by:
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Bean1978
PA
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306 Days Ago
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State:
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Pennsylvania
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We have 10 units and only 3 are rented at this time and those tenants are hanging by a thread. We have nice units, they're clean, we have good leases, basic rules & regulations, rent is w/i guidelines. We get a lot of "lookers" but no takers. These units have been empty for months. We cannot figure out what we are doing wrong or if people maybe just don't plain like us. we take what we do seriously; it's over livelihood, but if we cannot rent these units soon it's going to break the bank!
What do you all do to market your properties? What works best for you?
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489 Views |
1 Replies
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Posted by:
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myhouse
Memphis
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437 Days Ago
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State:
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Tennessee
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I have renter property in Tennessee. The bank I am financing property sent a letter to me stating that property cannot be rented because I have a THDA Loan and must be owner occupied. The bank wants me either move back in, pay balance on loan or refinancE. I decided to refinance. My deadline is May 2nd. Now my tenants don't want to wait until I get refinanced and wants to move immediately. In the meantime tenants want to stay on property til they move and don't want to pay rent. Will the lease be considered voided because of situation? Do tenants have to pay rent while seeking other residence? Am I liable to return security dep. if tenant move before I get refinanced? HELP!!
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276 Views |
1 Replies
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Posted by:
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slacklady
califoria
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438 Days Ago
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State:
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California
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i know that if apply for a job that you do not take money from people for credit check, i have been in and out of prop.mang.many years and never has any body taken money from for a job, my daughter is a single mother and knows that i started doing small apts. and so she went out and put in a job app. and the lady took 40.00 from her told her she had the job then said her credit wasn't good enough for a place that i wouldn't let my dog live in. then the lady said she did this in batches, so she is making money, off the people that don't know any better, is there any thing i can do about this or some where i can turn her in to. i rely want to call code inforsement on her complex it's that bad. i even had the lady call me and she said she was in the wrong and would pay my daughter back and still hasn't please help me. slackervicki@yahoo.com
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490 Views |
2 Replies
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Posted by:
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sibby
washington, dc
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442 Days Ago
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State:
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District of Columbia
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My family owns a single family home. We live upstairs but would like to rent out our basement. We are remodeling and hope to rent soon. My question is can we do this or do we have to go somewhere and get permission?
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583 Views |
1 Replies
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