Investing after debt relief counseling
Has anyone had success in real estate after filing bankruptcy or going through a debt relief program? I am thinking of doing a debt relief program to get a fresh start.
I have a SFR that is currently rented out on an 18 month lease. The problem is that we used home equity, home improvement, and credits cards to finance this deal- acquisition and renovation. The monthly rent barely covers the minimum payments on these accounts. We are looking to do a cash out refinance, but currently that is still up in the air. However, after looking into debt relief programs, that seems like a better option than a 30 year loan with interest. The debt relief will only cover unsecured debt.
I do not want this one deal to be the end of my real estate investing career. Can anyone offer some insight.
Most Popular Reply
What sort of debt relief program are you talking about? I think you need to get your financial house in order. You are already barely treading water paying back all this money. Going to tap the equity again, coming on here and asking about debt relief and bankruptcy. You are broke, why do you want to dig a deeper hole? I don't know about you, but I'm out to make money, not own stuff that isn't making any money. And it does not appear you are making money. Don't buy real estate for the sake of buying real estate.