All Forum Posts by: Aaron Vergason

Have you found anything you can do? I’m also in upstate, NY and I have about 35% of my tenants not paying and haven’t been paying since last March. And some I’m paying their heat and electric. 

I’m looking to sell a single-family house on owner financing. What have you done in the past with owner financing? Do you manage the bookkeeping yourself such as collecting escrow payments making payments on taxes/insurance or do you hire a servicing company to do it? If you hire a servicing company who do you use and what kind of fees do they charge?

Have self employed or LLC members had any luck with getting the PPP Loan or EDIL Grant for their business? Everything I see is related to employees. I don't have employees. Is there any stimulus for us

I found it because I want to try and sell some properties owner financed, but don’t know all the in’s and out’s of doing that. 

I’m curious too especially since most people commented that it wasn’t a good deal. 

@Dennis M. he did the deal 5 years ago. I was hoping to get an update on the refi. From 2013 to now he probably made out well

I purchased a hand full of C/D Class properties in my local city in 2013. I'm now looking to sell because I haven't gotten a good handle on self managing them and I bought too many at one time and my city has zero property managers that are decent...

What kind of Exit Strategies have you used for this class of property that worked (or didn't work)?

I have 18 Units in this area. 

How were you proforma numbers compared to actual 5 years later @Corey Waldrep?

Update on this, my buddy bought a couple more units and now is looking to buy a couple of my places that I have stabilized over the years :) Worth not partnering just for some equity!

Hey BP Community. 

I have a 5 year old tenant who would like to purchase the house they are renting from me in New York State. We verbally agreed to a "Sale Price". The tenant would need me to be the bank for them due to them being self employed and not  showing a strong tax return year after year.

How would you structure this so everyone is protected? I am thinking about things like if there's a total loss fire, how am I covered? If they decide to install a new roof on the house, but only get through the demo phase, and quit before a giant monsoon, etc. how am I protecting this down side?

I will talk with my attorney about this, but I wanted to hear from people on here who have done this and may know some good tricks or tips to making this a profitable and relatively safe deal.

Thanks!

Aaron

@Joshua Stewart Where did this end up? Did you find a lender? It seemed like a great deal.

The live in part hurts you for going to a portofolio lender and the long term nature of what you are doing probably makes it tough with a hard money lender.

How much Rehab money were you expecting to put into the house?