Jeff Mcdermott

nope, I am in california. Thanks for the advice and I will change the picture, no one likes the stormpooper. - Thu Nov 15 2007, 15:07

the scenario is she bought a condo in florida non owner as a rental property with a tenant paying 2500 a month until his house was done on a month to month lease and he said he needed 12-18 months, she closed at 241,000 with a payment PITI and HOA totaling 2400 a month so she was positive. Two months later the renter gave 30 days notice and she found out that normal rent were at 1200 a month for her unit. She took the neg hit for a year and now the property has appraised for 180,000 so she lost equity and neg income. she stopped paying hoa and the mortgage so the HOA has filed a lien and in 30 days she said they are going to start forclosure proceedings, the lender also said the same thing and they are not willing to work with her on her neg between the income of 1200 and the mortgage of 2000.

I dont have any answers for her, plus as a realtor I kind of stay out of stuff that should be refered to an attourney or an accountant but she has been a good cleint and freind for a few years now and I am looking for advice on how she should proceed. - Thu Nov 15 2007, 13:39

so if I sold my homes to Quintess or the ritz carlton and kept an interest in the homes it would work better? - Wed Nov 14 2007, 11:16

the REX company only will do owner occ. primary res. single family only. I am looking to do this with my vacation home properties. Basically to pay off the high interest seconds and to buy other properties. - Mon Oct 29 2007, 20:28

I am basically looking for cash to take out of my home. I have in most cases 100,000 equity in most of my homes (9 homes) and I cant take a hard money loan out and do not qualify for a refi so I am looking for an investor with cash for a percentage of the sales price and equity of the home. So I owe 800,000 on my home I borrow 100,000 cash for 50% ownership in the home. I will in return sell it, pay back the investor their 100,000 an plus 50% of whatever profit is left over. - Mon Oct 29 2007, 12:41