Had investment properties 4 over 7 years and have been profitable for 5 1/2 of those 7 years. However, after the mortgage companies let everyone w/ no credit or bad credit get home loans...all that's left 2 rent is the scum in Memphis, TN. We've had 5 houses vacant out of 7 for months, get renters & after 1st month they don't pay their rent, they know the eviction law and how long it takes 2 get them out, it costs us $ 2 put out, u can't ruin their credit cause they don't have much of one, don't care, if u try 2 garnish their wages...they just quit their jobs. We've poured all our personal $ over the past 1 1/2 yr. into keeping our credit in good standings, paying 7 mortgages, repairs, insurance, taxes plus our own personal mortgage and expenses. We have borrowed money recently 2 keep them afloat, but when do u abandon ship? Credit will be ruined, mortgage co. will come after us 4 difference in owed amount & sale price...we just want out before we're bankrupt...their 4 sale also.
2007-11-13
02:04:57
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4 answers
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asked by
Jae
2
in
Renting & Real Estate