Quote:
Originally Posted by opendoor
If you can't come up with $15K to finish it, how are you going to come up with the money to pay the outstanding mortgage?
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Well, that's why I was asking. Would I have to come up with the difference in one shot or could I make payments. That's the difference. Someone coming in to fix the place up for 15 to 20k most likely isn't going to take payments. They'll want it paid in full.
Quote:
Originally Posted by opendoor
Though I'm not sure I understand the scenario; was your friend doing all the work for free?
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Yes, pretty much. Beer, pizza, and I would throw him some cash when I could.
Quote:
Originally Posted by VladtheImpaler
I'm no expert, but thinking logically, you are almost better off finding a developer, and jointly developing the land (assuming that's viable) - i.e. you put up the land and he does the work. You should be able to make enough from the proceeds to cover your debt, and maybe even earn a wee bit of profit. Of course, that depends on the area, the market, etc, etc, etc... And, of course, you have to live somewhere while this happens.
If this was 1981, you'd just stop making mortgage payments and walk away...
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I have tried to find someone, but so far no luck. Like I said, it's a huge lot, easy to put a 4-plex here and make a pretty decent profit, even paying off what is owed in the property and bulldozing it down.
Looks like pretty much what I thought. We are stuck here until such time as the market really rebounds, or we go bankrupt. Sweet...
