Home: Message List - Letting my propery go.

Re: Letting my propery go.

snipperred — Wed, 30 Jul 2008 15:41:55 GMT

If the unit has a bad history then the happy ending would be if the problem was turned into the solution. Concert the units into a beacon of hope and prosperity. Maybe a non-profit community center or something along those lines.

Re: Letting my propery go.

AuroraAbstrac — Wed, 30 Jul 2008 04:25:07 GMT

Have you looked into a loan modification? I understand that you may want to sell, but it may offer some relief if the property is not selling quickly.

Re: Letting my propery go.

starprince — Wed, 30 Jul 2008 02:54:22 GMT

Thank You Dan for your kind reply. How much would you try for? I tried on Craigslist and because everyone taught that it was a scheme no one came through. I spent a lot of time on the computer answering e-mails but nothing came of it so then I just dropped the idea until now.

Thank you for the idea of the community.

Re: Letting my propery go.

Cubie7 — Wed, 30 Jul 2008 01:33:53 GMT

Hello Starprince,

I have read your latest post and it occurs to me that if the area comes with a reputation it might be good idea for you to approach any of the community organizations and present your raffle idea. The concept would be for a member of that depressed community to become the owner of this 6 unit building. The $1 ticket price is appealing but unrealistic as you would need 400,000 people to buy into it, regardless of some who could buy more. I would say that utilizing the community resources (organizations, churches) it can really develop into a concerted effort and make it happen, one of the benefits of this is that it will make it even more legit as it becomes a public, community based event. As I said you need to think of increasing the price to a more realistic figure, you also need to realize that in this depressed economy we are in, this is the only approach.

Good luck,

Dan

Re: Letting my propery go.

starprince — Wed, 30 Jul 2008 00:28:41 GMT

Hello All,

Sorry about the late answer, I just got back from work.

The building is in Paterson, NJ on the North side which comes with a reputation. Things are changing but it cannot shake what it once once was which was drug sellers. I did not do enough research before I signed the papers and unfortunatley I am having problems finding good tenants. Every day I come up with a stupid idea about what I can do to get my family out of the stupid financial mess I got us into. This is legit I am too old to go jail and if I did it would not be for a $1 and a dream.

Re: Letting my propery go.

Cubie7 — Mon, 28 Jul 2008 12:35:41 GMT

Thanks for the advise but I do not own that property. Starprince is the person who posted.

Best,

Dan

Re: Letting my propery go.

snipperred — Mon, 28 Jul 2008 07:05:26 GMT

Hmmm...I wonder why you bought the property in the first place, what the market valuation was, and how much that is inflated/deflated with respect to the market now.

How is the building used? If I had a business and a property I couldn't sell, I would think of expanding. Your margin would only have to cover your property costs. When the market shifts up then you can sell if it is not profitable above that.

Re: Letting my propery go.

Cubie7 — Sun, 27 Jul 2008 23:42:45 GMT

Hello,

I am a small business owner based out of Miami, Florida. I represent television stations getting them advertising, I also sell television programming internationally., what about you guys?

Best,

Dan

Re: Letting my propery go.

LUCKIEST — Sun, 27 Jul 2008 21:28:15 GMT

Cubie7, Welcome and Hi

Who are you, Where are you??

Tell us more

Re: Letting my propery go.

Cubie7 — Sun, 27 Jul 2008 21:20:33 GMT

Dear Starprince,

Believe it or not I saw a newscast last night, a guy out on Sebastian, Florida is doing the same and he is getting results. What you need to convey is the fact that this is a legit deal, check with an attorney and see what type of paperwork you must initiate before going public with this. People will invest $ 50. 0r $ 100 for a chance to win a property, they also need to know that someone will win, that is the clincher, don't give up just get it organized the right way.

Best,

Dan