All Forum Posts by: Brian N

I talked to the lender and hardship is required. So at this point it is just a bad investment on my part. Mistakes were made and lessons were learned! I guess I Just get to eat this frog. 

Thanks to everyone for the comments and advice!

I have a rental I bough in the 90s. My first. Stable neighborhood at the time, but not anymore. We pulled money out during the boom years and the area is now severely depressed. (South end of Toledo, oh - 43609). I’m upside down on the mortgage and wondering if it is feasible to do a short sale?

House is worth $20k. Owed $50k. Also needs about $10k in repairs to become rentable again.

If it matters, I have other rentals I could sell that would cover it but I would rather not. I could also board it up and just pay the mortgage down over time out of the other rents I am getting. 

Any suggestions? 

I self manage the handful of properties that I own. For reasons I won't get into, I was on the other side of the transaction for 3+ years with Flex. I was the tenant. I can tell you from my experience I will never use them as a property management company for my own properties. Their service is horrible and they are very unresponsive. The property I rented had numerous issues that took forever to fix. I had a roof leak for a period of 1+ years that was never resolved. I moved out before they took care of the issue. This could have been due to the property owner not wanting to fix the issue, but I do not know. They do not communicate at all. After moving out I had to chase them down in order to get my deposit back. It took over 3 months (the law being 30 days). 

Thanks to all for the warm welcome! I'm looking forward to getting involved in the forums, networking and learning from this great site.

Hi all.

I'm a new member from Toledo, Ohio.

In a past life I did mortgages in the area (Michigan and Ohio). I have been a landlord for a while (a couple of single family homes and a duplex). I'd like to move into bigger opportunities.

Looking forward to networking and learning from this great site! The podcasts are great and the forums are full of great information!