All Forum Posts by: April Childers

@Aaron K. That makes sense, do you have any better ideas that might work for this deal?

@Aaron K. Maybe I don't understand how owner financing works. If I have a contract wouldn't I technically own the property as long as I keep making payments. I have read a lot of articles and heard podcasts from people who used owner financing, now I am confused.

Hi Everyone, I have been thinking on this for a couple of days and finally thought why don't I just reach out to the experts for advice. I found a property that belongs to an older gentlemen who wants to sell his house and property. He owns it free and clear, it was his parents home so there is some emotional attachment to it but he has financial issues and cannot afford to keep up the property or pay off any of his debt. He wants $200k for the house and 3.86 acres but the house probably needs about $25k to bring it up par to list it. It is  a 2 bed, 2 bath and structurally seems to be in good shape. My plan is to actually split the lots, build a new house on the extra lot and sell both homes. I would like to structure the deal where we both win but not really sure how to go about it. He is open to owner financing, I thought about offering some money down and trying to do interest only for one year to give me time to fix up the house. I would appreciate any feedback because as you can tell I am not sure how to proceed but I think this could be a great opportunity, thanks as always all suggestions. 

April

@Eric Nelson, thanks that's a great idea and as I look more at them that might be the way I proceed.

@Barry Ruby that is what I need to consider and I think I will go back to the son for more information. He is on vacation now but when he returns we will have to talk in more detail. Thanks so much for your thoughts, I do appreciate your time.

@Colton Fairchild as far as I can find she borrowed about $516k against them. There are a total of 15 doors. If I can't put anything together for all the properties I might try one at a time.

@Tim Herman I agree Tom, I don't have high hopes but you never know unless you ask and if nothing else it is good practice.

@Colton Fairchild from the conversation I had with the son she wasn't really considering selling them until she received my note. He is managing them so some of the motivation might be his.

The $11k is monthly. I have actually seen most of the properties because I was looking into buying them before she bought them. I am going to do a drive by to see if I can see any cosmetic changes that might have been made.

Thanks for the pointers.

@Luka Milicevic thanks Luka, the price of furnishing was definitely a concern. It is really too expensive to try it and see if it works. I appreciate your time.

@Mark Gliebe thanks Mark that was exactly my concern the distance from Nashville but I thought I would reach out for opinions. I appreciate you taking the time.