Ziay!

baby boy

...i own six rental propety and i am h having a proble and i don't no witch way to turn i don't want to file for bankrusty because my credit isnot bad i just need someone to tell me with way to turn when i got into this business i realy did;nt no what i was doing but i miss meaning my self. could i get some answers. thank you. babyboy

nina

There is a rule for investment properties. The rent must equal 1% of the financing for the house. if its a 200,000.00 house charge 2,000.00 rent. This will allow you cash flow and will also allow you to approve for more investment houses if you get back on your feet. There are also various loan programs our there for rental properties. The wrong loan to be in for rentals is the 30 year fixed.

Special K

My guess is that you bought too high and can't get it back in rent, which explains why you're considering bankruptcy. Other than implementing "the most bang for your buck renovations"- which will likely only lift monthly NOI by $75/unit, unless you have a really upscale property- here are your choices:

Step One: Talk to your banker about what they can do for you. If you have a decent financial planner they are a better source, because they know the professional avenues to pursue, help with financing, selling the property without transaction fees. Don't assume that going to a bankruptcy attorney is the first step. Also don't immediately call one of those "We buy ugly houses advertisers" 95% of them will rip you off.

Step Two: If the bank nor the financial planner aren't of any help sadly you have to call one of those credit counselling agencies. There are several ways to screen them, however they are definitely a buyer beware proposition.

Step three: avoid bankruptcy at all costs. The October bankruptcy overhaul is a killer.
Disclaimer: I am only offering my life's lessons, not professional advice.