“Dear Steve,
I bought a house couple years ago for investment in a very bad area with cash money.
I thought then that it will be a good deal.
i have only expenses over there, hard to find a good tanent and so.
i try to sale this house for a long time but no luck, i am ready to sale this house half then what i bought or even less.
my quwstion is:
lets assume that i cant sale it even for free, and i just want to get Get rid of it, so i will not need to pay any more expenses, what can i do ?
Lior”
Dear Lior,
Basically you need to find some sucker who is willing to let you transfer the title of the property to them. Until then you are on the hook for the insurance, taxes, and liability.
If you want to get rid of this pit fast and are willing to give it away, consider putting an ad on Craigslist and advertise the “buyer” has to only pay the closing costs. At least try to get that paid for.
And oh yes, real estate is a tough business to be in. Don’t believe all they hype you read about the wonders of being a landlord. For the most part, it sucks.
But then I think you already learned that lesson the hard way.
Please post your responses and follow-up messages to me on this in the comments section below.
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