Balloon payment on a Contract for deed in 30days.... suggestions?
I have a rental property I acquired using a Contract for deed 5 years ago. The Note is due in full in 30 days. However, my credit has taken a considerable dip, due to haven purchased a larger home for primary residence about 6months ago and ran up a few cards.
The house is a 3/1 with a 1.5 car garage all brick in desirable neighborhood. It has been rented all 5 years for $1150/month by good tenants who can’t purchase the property themselves. I owe $99k on the house and in its current condition it’s worth $145k and about $165k if updated.
I would like to hold on to the property but don’t know how to come up with 99k. Does anyone have any suggestions on what I could do?