Hi guys, long time lurker first time poster here. I have an investment property I purchased about a decade ago with an older family friend right at the peak of the market and then as we all know around 2008 with the real estate bubble burst the value of the investment declined drastically. Long story short I inherited some money at 18, and was young naive and extremely eager to invest in real estate. I live in the northeast and back when I bought the property investing in Florida real estate was very popular. So me and older family friend put down 30k or so each on a new construction condo valued at around 150k. A few years later the value dropped to 50k. Fast forward to today and I'm 30 years old and want to know if I'm stuck with this property or if I have any options to at least get something back. I read we can assign the mortgage and maybe take a small fee upfront. Looking back if I had the money now there are much better ways I would have invested it than in a speculative investment. Too bad I didn't know about BP then lol! Thanks
Send me the details of this Florida property so I can put an accurate value on it ( not Zillow) and I'll suggest an exit strategy. Address and owners names would help. Values are up near the high level in parts of Florida. Palm Beach county saw an 11% estamated increase in 2015 over 2014. If you bought in 05, you could be close to cashing out or face a small loss. I owned 7 since 2007 and I never thought the drop would be so dramatic. No one had a crystal ball. Time to regroup and move on.
I'm in Palm Beach County facing those high prices as I try to enter real estate investing through buying a fourplex or duplex. Let me know if you come across anything.
How did this work out for you? Any remedy yet?