Need an idea.

[David Albertson]

Here's the deal. I have a SFR that I purchased about a year ago with the intention of rehabbing and reselling. We made the typical newbie mistakes and put way too much money in to it. It sat on the market for several months last summer before we finally decided to rent it out. I just had a new tenant move in and he's warming to the idea of purchasing it from us. The house appraised last November for $127k. We have a 1st mortgage of $101k and about $10k from our HELOC on our personal residence.

The tenant claims he would be more interested in buying if he didn't have $15k in credit card debt. I'm wondering if there's a way I could work a deal to help him out with his CC's and get me out from under my newbie mistake.

Any ideas anyone?

Thanks.

[Will Barnard]

Nothing wrong with cutting your losses and moving on. Experience and learning from mistakes is how we grow.