Updated over 18 years ago on . Most recent reply
Tenants skipped out... help!
I bought my first property that I wanted to rehab and sell, but I had no luck, so it became a rental three months ago. I just went to collect this month's rent and the house was empty! Compounding the issue is the fact that my wife and I have to move in February so I'd like to find an exit strategy for this property that will allow me to recoup all (or most) of my money. I don't care about a profit as much now as just breaking even. I made some mistakes during this project, one of which was paying too much for the house, the other doing too much to the house. So, I owe the bank 150k and have 12k in other debt from the rehab. However, the property will only appraise for around 140-145k. The monthly note on the house is 1,100.00. Can anyone give me some ideas on how to make a graceful exit?