2007-06-25 01:51:01 · 7 answers · asked by Brian K 1 in Business & Finance ➔ Renting & Real Estate
contact a real estate investor and make a deal for them to take the property off your hands for a price.
2007-07-02 21:16:20 · answer #1 · answered by endgame1915 3 · 0⤊ 0⤋
Your question is not clear. If I understand it, you have bought a rental property through a mortgage, and are having trouble paying for it.
This is not uncommon. It is difficult to rent out a property for as much or more than the mortgage payment, unless it is a multiple dwelling, or you were able to buy in at a low price or a very low interest rate. It costs money to keep the property up, and if you wish not to take a loss, you must set the rent to cover principal on the loan, interest on the loan, owners insurance, real estate taxes, and maintenance. If the rental market in the area where the property is located cannot bear rents high enough to do this, you have bought a losing proposition, and would be well advised to sell out. Otherwise, you must find a tenant for whom your property is a good deal, and whom you can rely on to pay the rent that covers all your costs. Ask any prospective tenant for previous landlord references, and check them! While there are no guarantees, a formerly good tenant is likely to be a good tenant for you, whereas a formerly bad tenant is very unlikely to be good for you.
Do the math, check the market, and sell out a loser. The longer you hold a money-losing house, the worse it gets.
2007-07-02 21:05:36 · answer #2 · answered by vdpphd 4 · 1⤊ 0⤋
Your age should not be a problem but your lack of pay slips are My son has just gone into the buy-to-let market and needed 2 years of proof of income I have a friend who is 51 and he's just gone into the buy-to-let market and got a 15 year mortgage If you can find a lender who'll give you a £70.000 over 15 years, then accept it, but you will need proof of regular income first
2016-05-19 22:35:25 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Hiya, just stumbled across your question! You really need to speak to a mortgage professional who can point out all the pitfalls & suggest options for you. Found a great site to help find your local mortgage broker or financial adviser and i think most will be able to offer you free initial advice. Have a look at www.pennypeople.co.uk - hope someone there can help you!
2007-06-25 02:29:03 · answer #4 · answered by Vilda T 1 · 0⤊ 0⤋
insufficient detail to provide any reliable comments.
rates, schedule, rents, other costs, country, area, etc.
you need to prepare a FULL financial plan for this asset.
GL
2007-06-25 01:57:03 · answer #5 · answered by Spock (rhp) 7 · 0⤊ 0⤋
If you email me on
quotes@mukconnections.co.uk or mia170107@yahoo.co.uk
and give me some more info i will see if i can help
2007-06-28 05:25:07 · answer #6 · answered by mia170107 2 · 0⤊ 0⤋
Need more info; or you need an atty.
2007-06-25 02:08:05 · answer #7 · answered by wizjp 7 · 0⤊ 0⤋