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SVTPerformance's Chain of Restaurants
Road Side Pub
Need input/advice from folks who know about short sales/foreclosures of a rental property
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<blockquote data-quote="nxhappy" data-source="post: 16357942" data-attributes="member: 50238"><p>is this still be occupied by said low life? step number one ....kick that mother ****er OUT </p><p></p><p>foreclosure is not a good idea, your credit will be ****ed for a LONG time . I'm telling you right now, insurance company isn't going to pay for shit. Plus it sounds like no renters insurance. </p><p></p><p><u>suck it up, fix the house, and rent it</u> to a non low life. If you are lucky maybe you can pull in $300-400 profit per month, meanwhile your principle balance will drop. THEN while buying your new home, that rental property will HELP you qualify. If you are upside down right now, there is no reason to sell.</p></blockquote><p></p>
[QUOTE="nxhappy, post: 16357942, member: 50238"] is this still be occupied by said low life? step number one ....kick that mother ****er OUT foreclosure is not a good idea, your credit will be ****ed for a LONG time . I'm telling you right now, insurance company isn't going to pay for shit. Plus it sounds like no renters insurance. [U]suck it up, fix the house, and rent it[/U] to a non low life. If you are lucky maybe you can pull in $300-400 profit per month, meanwhile your principle balance will drop. THEN while buying your new home, that rental property will HELP you qualify. If you are upside down right now, there is no reason to sell. [/QUOTE]
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SVTPerformance's Chain of Restaurants
Road Side Pub
Need input/advice from folks who know about short sales/foreclosures of a rental property
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