I have a lot of late and no payers.

[Account Closed]

I have 3 houses with the buyers 2 payments behind.

two more houses where the buyers are a payment behind.
One of my buyers are going to sign their house back to me that's 7 hours away. ( no true equity an interest rate on this one is
9% to the underlining lender.)

My wife is stressing and doesn't want anymore houses.

[Jay Hinrichs]

@Account Closed

  you have set these up in a most precarious manner... and I know gurus and others talk about doing these deals this way.

you buy owner finance or sub too... then you resell owner carry on a wrap.. and the thought is you make the delta between the underlying mortgage that you have and the new buyer..

But these are really just sub prime deals that are destine to default.. it would be one thing if you owned them free and clear ... but you don't so what's happening is your obligated to pay on the first lender .. while your wrap payee is defaulting.. thereby putting you in a very negative cash flow situation.. and on top of that you have to pay the 2k or so to foreclose to get the asset back and will probably have a damaged house.

while this sounds great on paper.. the defaults are constant and at the end of the day many lose a lot of money and the people you bought from the original owners either sub too or owner carry are really at jeopardy.. as you will soon find this very costly... And or you have no further ability to do the foreclosure make the payment's etc.

I have picked up the pieces of this scenario more than once.. bought 30 homes from one company that thought this model was good.. and they got in all sorts of trouble because the people they originally bought the houses from sub too were also defaulting and getting their credit trashed from being talked into this deal in the first place.

Not a good model.. if these are NO money down rent to own buyers those people are terrible le credit risk over time.

And no wonder your wife is freaking out  she is right.