Detroit, MI Market - Exit Startegy Advice

[Victor Williams Jr.]

Hello Bigger Pockets,

I recently moved from Michigan and have been renting out my property on Pembroke, near Wyoming/Outer Drive area.  As I am now out of state, I'm looking to craft the best exit strategy.  I bought the property in 2006, so as you well know, I am underwater.  I don't believe the property would sell for enough to cover the mortgage, so I am looking for advice as to the best way to eventually phase out of the property.  I'm getting decent rent right now, but not enough profit to hire property management, and I just don't like being a long distance landlord.  The current tenant is not in position to lease to own, or buy the property.  Any advice or suggestions??

[Eric Veronica]

@Victor Williams Jr. MSHDA currently has a new Step Forward program that may help make up a gap between purchase price and appraisal up to $15,000. This is a down payment assistance program for homes Located in 61 designated zip codes

https://www.michigan.gov/mshda/0,4641,7-141-7559_9637-480294--,00.html

There is also a program called “Detroit Home Mortgage” which can provide financing to cover an appraisal shortage up to 75k!!!

www.detroithomemortgage.org

Selling your house may not be as impossible as you think!