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.
Posted by:  bonafideCP new york |
Relevant for:  Florida |
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