Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
General Landlording & Rental Properties
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated about 8 years ago,

User Stats

1
Posts
0
Votes
Phillip Synenberg
  • Hephzibah, GA
0
Votes |
1
Posts

Owner financing, from a newbie here.

Phillip Synenberg
  • Hephzibah, GA
Posted

My father bought a single wide trailer back in 2008, lived there for 4 years and decided to move across town, from Grovetown to Augusta Georgia. 

In doing so, he advertised his trailer for rent and decided ultimately that he didn't want to be a landlord forever and met a suitable tenant that he was willing to take $2,500 down and let her make payments on the trailer until it is paid for (about 8 more years). At which point he would sign the title over. For what it's worth, he cash flows about $200 monthly from it. 

I know, it's not ideal, and all of this took place before I had an interest in RE, much less ever learned about BP.

He had a contract written up and notarized stating that he will keep his insurance on the trailer, but should there be any issues she is ultimately responsible for the $500 deductible and should something go awry, and she cannot afford it, it's considered defaulted and she must move.

He called me tonight in kind of a panic that she had called and said that the roof is leaking, and she has no money for a deductible. She had the gutters cleaned "when she first noticed it" so who knows how long it has been going on. 

He is going to look at it tomorrow and make sure its not something as simple as a loose shingle, but my question for you all is as follows:

Although shes "purchasing" the home. He is still ultimately responsible for the fix according to Georgia landlord laws, although they have a notarized agreement stating otherwise, correct?

Should it be a bigger issue and the deductible need paid, and she cannot, is this legal terms for defaulting? 

Shes been a pretty okay tenant otherwise for the better part of 3 year, ie; her rent was late twice over said time period. Can he just make an addendum to the end of the contracting stating about an extra payment to cover the costs?

 How would you handle this situation? 

What can we do to ensure we stand on the legal side of the law?

Thanks in advance for your advice/input. 

Magically yours, 

PJ

Loading replies...