Post a new topic
    12 Replies Latest reply on Jul 30, 2008 11:41 AM by snipperred

    Letting my propery go.

    starprince Newbie
      Hello,

      I have property in New Jersey that I have not been able to sell because of the market.
      It is a 6 unit building. I came up with the idea to give it away to anyone who reaches out to help me with $50 but no one trusted the idea that I would give a building worth around $450,000 away for $50 mortgage free but I would have. I would have raised the mortgage and then picked someone out like a lottery as a Thank You. Now I am wondering if people would take a chance for $1.00 but then I would need at least $400,000 people to respond. I am sinking fast with this property please give me some ideas of what I can do with it so at least to get back what I invested in it.
        • Re: Letting my propery go.
          starprince Newbie
          I am sorry, I am on my to work and typing to fast. I would need 400,000 people to respond with $1.00 each so that I could pay the mortgage off and pass on the property to someone who responded with $1.00 mortgage free.
            • Re: Letting my propery go.
              rmdm2007 Newbie
              You are damp smart! you are selling this property 400K whichever way you can but the people are not that stupid now. No One even wanted to pay $1 for this smart notion. Everyone smarter then you ha ha! Where is your property ( give me the address so I might find a buyer or I will buy).

              Thank you very much for your future cooperation.

               


              Akhter
              rmdm2007@yahoo.com
            • Re: Letting my propery go.
              Cubie7 Newbie
              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
                • Re: Letting my propery go.
                  LUCKIEST Guide
                  Cubie7, Welcome and Hi

                  Who are you, Where are you??

                  Tell us more
                    • Re: Letting my propery go.
                      Cubie7 Newbie
                      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.
                          snipperred Scout
                          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 Newbie
                              Thanks for the advise but I do not own that property. Starprince is the person who posted.

                              Best,

                              Dan
                                • Re: Letting my propery go.
                                  starprince Newbie
                                  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 Newbie
                                      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 Newbie
                            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.
                              AuroraAbstrac Newbie
                              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.