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where can I find help with a my mortgage? I have five investment properties and now having problems?
By Tom | March 15, 2006
Darrell O asked:
I have five investment properties and had put earnest money on two more properties in a subdivision thats now being built. I think I have over extended myself. The homebuilders keep asking me if I contacted there in house mortgage counselors which I have not done yet. These two new homes were inexpensive thats why I went with it. The builder pays closing cost but something tells me I may have hit a brick wall with two much debt. What do you think?
Theresa
Topics: investment properties | 8 Comments »
March 15th, 2006 at 10:19 pm
greedy greedy greedy, what do you expect fool
March 18th, 2006 at 3:09 pm
Well, depends upon your income level. If you have more in payments going out than you have coming in, you’re overextended. See if you can sell your interests in some of the properties. Make sure your loans are interest payments only.
And do some better planning next time….
March 19th, 2006 at 7:33 pm
I think you should get back your earnest money, or worst case scenario, if you can’t get it back, take it as a lesson learned and withdraw your offer before it’s too late. Better to lose your earnest money than to be in too much debt for 20 or more years.
March 22nd, 2006 at 11:22 pm
This is really not enough information to work with.
If you have 5 properties, and won’t be able to afford the other two, then you need to sell 2 or 3 of the properties you already own.
Maybe do a cash-out refinance on those other properties, if you don’t want to sell them.
Mortgage companies don’t care how much you owe, what matters is that you can make the monthly mortgage payment, or minimum credit card payment.
You can also try to sell those two properties in a simultaneous sale or flip. Try to find a buyer.
Or maybe don’t be so darn greedy. It looks like you want to play the game, but you don’t know how to.
March 23rd, 2006 at 6:13 am
They want you to contact their in house mortgage “counselors” so that you will take out mortgages with their company so they can make a large commission off of the mortgages.
You are the only one who knows if it is too much debt for you. You have not told us how much income you have and how much your monthly bills and payments, as well as expenses, are.
March 26th, 2006 at 12:18 am
I wonder if you are incorporated. With a business plan, you may be able to get a jumbo commercial loan to fund your expanding business.
March 27th, 2006 at 4:10 pm
I dont personally know, but I have a friend who is a loan officer at Chase. He maybe able to help you. His number is 614-213-7572.
March 27th, 2006 at 4:14 pm
You may have debt but it is good debt. Please contact me I have a guy that may be able to help. I am a real estate investor myself so I have some what of an Idea on whats going on. Do you have renters in the other properties to cover payments? But please contact me I may be able to help you.