All Forum Posts by: Bill B.

Could he…

Lend his friend the 48%. With a lien against the property, maybe no payments, maybe interest only, whatever…

Finish his current property sale. 

Buy his friend out for his cost, plus interest collected (if any) plus a reasonable profit? Maybe charge 7% and then refund twice the interest a profit. (Basically paying his friend 7% for the use of his money.)

 Maybe to keep it simple, if the IRS wouldn’t frown on it. No payments due for a year but calculated at 7%. So the friend doesn’t have to come out of pocket. Though hopefully the property is making money, so that shouldn’t be an issue. 

@Wesley W. just 3 more thsi year. So next years easy. This year I’d just move those 3 treatments to a different rental or my own. Worst case ask for a partial credit or for it to be held. 

Again, you’re going to ask the tenant to pay for any costs to bring it back to snuff. So no real money is lost whether you get any credit or not. 

Non-primary means you’re not living, in it. In Las Vegas you must live in the home while you are renting it out. 

Here’s their rules in a nutshell:

Short-Term Residential Rentals are limited to owner-occupied homes that are three bedrooms or less, are at least 660 feet from another short-term rental, and must comply with licensing, noise and parking regulations. All conditions must be met, no waivers or deviations are allowed.

Can’t be IN Las Vegas unless you live in the property while it’s rented out.

You can do it in a “non-primary” in North Las Vegas, Paradise, and I believe Henderson.

Can’t be IN Las Vegas unless you live in the property while it’s rented out.

You can do it in a “non-primary” in North Las Vegas, Paradise, and I believe Henderson.

Can’t be IN Las Vegas unless you live in the property while it’s rented out. 

You can do it in a “non-primary” in North Las Vegas, Paradise, and I believe Henderson. 

Your tenant is probably willing to pay over market if he’s able. The property has much extra value to him. He doesn’t have to move and he’s next to his kids. Even if $235k they’d probably pay it if they could. 

I’d start with them getting approved for a $235k purchase. If they are approved.  Then I’d find a 1% realtor, I assume they exist in every state. Explain you already have a buyer lined up and what you want the terms to be. 

You can discuss leaving the agreement if this deal falls through. 

You probably need to find new “comps” as well. There’s zero chance the comps are $800k ($600k-$1m) and they can’t get $400k. Unless you mean comps after adding $300k or more in renovations. Those aren’t comps. 

If you save 2 years of weed treatment payments, how much more do you think it will cost you in two years to treat the weeds? (How much more than you saved.) That’s your only real cost. If you don’t care if they stay you could also have them agree their security deposit will be used to removed any weeds at the end of their lease.