All Forum Posts by: Mike Theman

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