Sitting On Too Many Renovated Houses
Hello all,
We are in the Oklahoma City market (and some surrounding markets) and we are currently sitting on 4 renovated/listed properties. We have never had to hold properties as long as we are now.
The problem we face concerns cashflow. We have interest only loans on all 4 properties. Totaling roughly $12k a month in interest payments. As the months go by, we are running low on cash. We have roughly 18-20% equity in each property but no way to access it and no other means of raising capital that we can think of.
Are there any clever financial instruments or maneuvers that could help alleviate this $12k/month interest payment sum?
Things we have considered:
- Put a standard mortgage on them and rent them until the market improves.. I don't need to profit.. I just need to significantly reduce the net loss each month. But I would need cash at closing presumably...
- Reaching out to our lender to see about relief programs or deferments and such. No luck. Our lender offers nothing. Just foreclosure.
- Consolidating at a lower rate. Not sure this would help very much. I need the monthly net loss to go down a lot. Plus there would be closing costs again.
We are open minded about solutions.