All Forum Posts by: Glen Smith

Sorry one final detail left out. The rent for this property can be supported between 750 and 800 dollars.

Glen

Derek B.....Anish Patel....Patrick Kavanagh......Mark Gallagher......

Thank you and EVERYONE ELSE that has taken the time to comment on this post!!!!

I seem to be confusing everyone by not providing some figures for you all to fully evaluate and understand my situation. I'm just going to throw it out there so we're all on the same page. My entrance into this deal was in August 2009 with the details explained in my original post. I'm not interested in revisiting the figures of entry for the market of 2009 but will only say the estimated ARV provided by the selling company's hired appraiser who of course I paid for at settlement was in the low eighties. Now let's bring it down to today's situation. From the start I funded the deal by placing a variable line of credit against my personal residence and have continued to this day to pay all expenses that had to be covered from all the different situations I encountered.

The interest rate from start to present has remained at 3.99%

Current balance is 71,126 dollars but I have been covering the latest vacancy and holding cost out of my own funds.

As far as present day comps it's not good but 'll just let some of you seasoned investors do your own google check and maybe even a BP appraiser can run some numbers from their tool box.

315 Woodbine Street, Harrisburg Pa., 17110

Thanks again everyone I truly appreciate your input.

Glen

Christian Bors thank you very much for that info. I'm on it. 

 David Krulac your( ho) is appreciated and I will know soon enough if that is what I have to except. But I will still fight for myself a little longer to see if I can possibly get some skin in the game to prevent me from having to swallow that bitter pill or at least maybe a little  lesser tasting pill. Thanks for the advice and offer of help.

Glen

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Steve Babiak thank you.

Glen

Alan C the house has been rehabbed to turnkey but because of past battle scars I have foolishly kept it vacant until I figured out how to go forward. I am currently attempting to see if I can find the right fit for your suggested options but if you read my post you will see it has been difficult. Thanks for your help.

Glen 

CK Hwang lease to own is still on the table but cash out is no longer viable since I believe a current investment property cash out is 75% loan to value and the value side has slipped quite a bit to significantly address the dept.  Also as you can see from my original post this deal started out with a rent to own/lease option and it didn't produce a viable candidate with the skin to put into the game. But if I can currently find someone who is credible and can bring some skin to the game that would still be the best option to play at this time to stop the bleeding. 

Thanks

GLen

Hey Kate thanks :))

Randy E you have great insight and have thoughtfully written some excellent advice. Thank you for taking the time to pen such a detailed  post. All the best.

Glen 

Sue Kelly thanks but fortunately I'm not in bankruptcy condition. I have just been stuck in this deal right out of the gate and unfortunately have kept my line of credit tied up all this time trying to swim up steam and keep it going as I had hoped to increase my chances of shrinking my loss and move on. I am reevaluating and exploring all options including these post on BP to force me to either locate someone credible enough for me to take a chance on again who can put a reasonable amount of skin in the game and has a high probability of getting me to the  finish line. If not than I will have to except my loss and move on with the knowledge that I have gained a great deal of education and use it wisely in the future. But at the very least I am meeting myself where I am and doing what needs to be done at this time. I am down but not out.

Thanks