All Forum Posts by: Zano Bailey

I'm a new builder and I have been approached with the possibility of receiving two city lots in a small town near Houston TX. I have heard of builders receiving free lots so that they could develop them and create a taxable resource for the city once sold. I am looking for insight from someone who knows what is the best way to receive the lots and what is the correct proposal to submit to the city so that they can vote and pass it. I would also like insight in how to include the proper tax abatements so that we allow for sufficient time to develop and sell the lots prior to becoming responsible for the taxes or propose having a reduced or tierd tax base until the lots have been developed and sold. Also what are some of the advantages and disadvantages to this type of transaction. Your input will be greatly appreciated. Thanks 

Thanks for all the input. It has been very helpful.

Thank you for your input. She has been told that she does not qualify for a short sale on the Townhouse.  She is forced to pay a $1700 payment which is set to increase to $1900 plus. They are not cash flowing at all. Another source has suggested a deed in lieu. Are these available in Georgia? Please continue with your comments you are opening up great exit strategies.

My wife lives in Texas has a house and a townhouse in the Atlanta Georgia area that she purchased over 7 years ago prior to our married. The first house is  occupied by a tenant who was supposed to purchase it several years ago but has never been able to get financing. She has been paying below rents for the last 4yrs and my wife is afraid to raise the rent because the tenant keeps the house in good repair and my wife is scared she will move if she raises the rent even close to market rent. The townhouse is severely upside down to the tune of about $50k and the there are several new home being sold in the area for half the price.  To make matters worse she has an interest only mortgage on this property and now she has to use a large part of her monthly income for the maintenance fee and mortgage payment which is set to increase again next month. Both property values have been on a steady decline with no prospect of increasing any time soon.  Other investors have advised her to build a new stronger local (Texas) property portfolio and dump those two properties. My wife seems to now be "Investing shy" because of the to consecutive bad deals. She has talked to one financial advisor who gave her a plan that would have her basically working to pay the payments with little to live on for a very long time. Can some one give us some options on how to deal with these properties. All input will be greatly appreciated!