Experience with friends renting? Sound off.

[Sherry Martin]

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Flip or rent and hold?

Buying & Selling

Real Estate Discussion165.7K Posts 22.8K Discussions

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Sherry Martin Investor from Massillon, OH

posted about 10 hours ago

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I am an older newbie but was debt free and owned my house and a rental property. Because my divorce lawyer failed to put in my agreement about my ex refinancing our house, I signed off on the deed without knowing I am still on the loan. The bank refuses to take my name off after 11 years and ex can't refinance. Soooooo in order to obtain funds to buy another rental house, I took out a home equity loan and bought a house to flip. I can either sell outright at a profit of $15-$18k before taxes and use the money to help purchase another property or keep it and rent it out anticipating a yearly profit of $4200 a year. I would have $30-$35k equity in the house but no foreseeable way to get financing for other properties. Any suggestions or advice would be greatly appreciated! I am unable to get traditional financing because because I am still listed on my ex's loan and I do not qualify because of the amount outstanding