Profile picture for MollyMick

I own 2 homes, each worth over $100,000. I want to sell both, but need to make minor repairs first.

I own 2 homes, one $134K, one $97K. Both need minor repairs to get good sale prices. I want to sell them both and buy a smaller one. One is also commercial use approved. I have a bad credit score in the 400's - I have been told. I owe nothing except this year's taxes on the properties. I don't need to live in either house. My net worth is over 1 Million but my cash flow is bad right now. I am self-employed. I have very little debt - $10K max - and probably not that. I have clear title to both properties and no indebtedness, mortgages, or liens against either property. My bank turned me down because of my bad credit score and because I have not borrowed any money in a very long time. Are there any sources for my home repair money?  I want to put these homes on the market asap and get max value possible for them.

  • March 25 2011 - US
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Answers (7)

Profile picture for Sharon Lewis
Why dont you simply sell them and buy the next house with cash? Have you also talked to your loan officer or realtor about repairing your debt?
good luck to you.
  • March 25 2011
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Profile picture for MollyMick

In order to get a good sale price, I feel like I need to put a new roof on one and tear down an out-building on the other. The roof will probably be 5k and the teardown 3k. I also need to paint, fix-up a bit, etc., so I need about 10k, and I have not had the extra cash. So, that is what I was trying to figure out how to barrow. I live in another house, in another city, primarily. My son occupies one house and the other is set up as an office because it is zoned for commercial use also.  They are nice, updated properties, and just need minor repairs.

  • March 25 2011
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Profile picture for wetdawgs
This is time to evaluate how to make some items in your "net worth" more liquid.
  • March 25 2011
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Profile picture for MollyMick
Oh, but I don't want to sell my boat (wooden) or my camper (love it) or my classic inherited guitars or my filmmaking/sound equipment, or vintage cars, because I will not get what they are worth - and then I won't have them or the money. It just seems like there should be some lending institution, nee community bank which lends to people in my situation. At least, talking about it on here is helping me gain perspective and think about my options...
  • March 25 2011
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Profile picture for MollyMick
Also, I have no experience in liquidating assest. I've thought about what I could sell, but I don't really know how to go about it. I guess I could list big things on Craigslist????  I've always just made good money and pushed through to the next influx of cash, but now I really want to unload these properties which are dragging me down financially, and that I no longer use. Thanks for the advice.
  • March 25 2011
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It is time you sought some professional advice from a CPA or an accountant. I would rent the homes and hold on to your assets. Just my 2 cents.
  • April 04 2011
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There is usually a source for private "hard money"  Sometimes Real estate attorneys know of private lenders through the grape vine.
  • April 04 2011
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