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erickruse
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| Joined: | Thu Nov 8th, 2007 |
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| Posts: | 1 |
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Posted: Thu Nov 8th, 2007 04:16 pm |
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Last July of 2007 we purchased an investment property in Glendale, AZ for the price of $300,000. We took a short term interest only construction home loan in the amount of $294,000 at 10.5% for 6 months. We planned to flip the property and did a lot of work to the property and then put it up for sale. Prior to the refurbishing, the house appraised for $380,000 and with comp coming from straight across the street that sold for $399,000 in June, we priced at $399,000. As I drove out to the property to put up the for sale sign I got word of the mortgage crunch. In August we had 1 or 2 agents show the house and by September, I thought it was time to lower the price which I did to $369,000 and then to $349,000 in the latter part of the month. The loan I have now is coming up in January and I am wondering if anyone might have a suggestion of what I should do? The thought of renting out the home is an option but I would need to refinance into a much better mortgage so that I could at the very least break even with rent. Please let me know if you might have any ideas, thoughts or expert opinions on what we might possibly do?
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