All Forum Posts by: Jay Hova

I think the biggest reason was the flood of houses on the market that are similar, coupled with the tightening of lending. I am going to put it on the market 1 more time, at a giveaway price even if I have to come to the table with money. If it still doesn't sell, then I will go the other route of paying down the mortgage and refi-ing it.

What about a Deed in Lieu of Foreclosure? Do you think this might be a better move?

I've decided to sell one of my rentals in order to pay off half of the house, this way I will at least break even on the house every month. Any idea of the tax implications of doing this? I know I will get hit with capital gains because I have never lived in the home, any other "unforseen" hits I might take?

I helped my parents buy a house few years ago. Everything was going well until my father took ill. Now they can no longer afford the house. I have been paying the mortgage, however for the last 15 months I have been losing 2K per month (with it rented). I put the house on the market (Tampa, Fl) but it just sat for a year. I ended up dropping the price to just what is owed, and it still sat. Not 1 single offer. The house is showing against my credit, and with my parents unable to pay (and the rent I get leaving a big gap), I am no longer able to prove to banks they pay for the house (which means my DTI shot through the roof). Not only that but losing this kind of money, has made me SERIOUSLY slow down on new investments. If I can't sell the house should foreclosure be an option? How bad would that hurt my credit, if all other mortgages were in perfect standings? Any other ideas?

FSJR9,

I have invested in the University area, and I don't think you can go wrong. One thing about Syracuse is the property is cheaper, but the rents are decent. Most of the places I looked at (cities), the rent would barely cover the exspenses, if cover them at all. Syracuse is not like that. You can get 2 family houses here for cheap, and 1 unit would cover most of the exspenses.

My next venture will probably be doing low level flips, however I'm still studying my market to make sure it won't sit after the rehab. Other than that, I'm open to anything that can earn me a buck or two. :D

Hello,

My name is Jay, and I have been investing for a few years now. I just stumbled across the board and I found it to be very informative. Although I have been investing for a few years it has all been in rental properties. I am looking to invest in other real estate areas and hopefully I can learn a lot here.

Jay