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Updated almost 15 years ago on . Most recent reply
Taking a Loss
I'm not quite sure what route to take. A couple of years ago I purchased a home for investment purposes and spent over $40,000.00 in renovations. Now I need to liquidate the property Immediately. I know that 9/10 I wont break even, but I'm not looking to take a total loss. Any one have any suggestions on how I should go about doing this? Any help is greatly appreciated.
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Don Konipol
#1 Innovative Strategies Contributor
Lender
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Don Konipol
#1 Innovative Strategies Contributor
Lender
Pro Member
#1 Innovative Strategies Contributor
- Lender
- The Woodlands, TX
You can probably get a hard money loan for 60% of appraised value, if this will be enough money to keep your business running for a while. then instead of selling at a 30 - 40% discount for a quick sale, you can take your time and sell for fair market value.
- Don Konipol
Private Mortgage Financing Partners, LLC