All Forum Posts by: Daniel Warren

Thanks Marcia. Yes I don't have any landlord ing/property management experience, but I have done a lot of renovation in my own homes.  You are right, I am super busy and blessed!  That is also my real estate investment motivation. I want to "get out of the rat race" as they say, and I just can't keep running through my head that even only counting half of the rent at full occupancy, this one unit would match my current income level!!

Thanks Steve! Yes I forgot to mention it is listed through a real estate agency, and the local "big real estate investors" are already looking at it. 😁

Hey BP! Was just throwing this out there in hopes of some experienced advice.  My wife and I are expecting our fifth child, so I tied up all the cash I had to invest with in acquiring a bigger house.  I am only financed for about 18k in the house and when we finish it, I feel it will appraise 100-120k. Our plans are to pull some of that equity out and get some rentals with, but here is my current issue (I know that was a long story to say I have no cash).  We aren't ready with the house to tap that equity, and a 10 unit apartment in a good location in my town has been listed for sale for 70k.  It is 10 1br/1bath apartments close to jobs and stores.  They should all rent from 300-400 conservatively.  They all are needing some work (I will be viewing soon to know more) and are all vacant.  The seller is an older lady, and from what I gather, they were her husbands (died 2 years ago) and in his  final years he couldn't do much upkeep and nothing has been done since his death.  I would really like to pick up these units, but I'm at a loss on a strategy.  I was thinking about seeing if they would owner finance, but then I'm still short on some down payment cash.  Any advice? Thanks!

ok thanks, so you actually have a written agreement then?

@Aaron Kinney

Are you carrying the maintenance cost in that agreement?

@Bill Gulley

Thanks man! That explains what you were saying a little better. My main focus is renting right now anyway, but its always good to have options. Handshake deal sounds good, but they would have to trust you on your word. I'm good for mine but there is not a lot of trust floating around the world these days.

i would have accepted no one really knows as an answer as well

i kind of get the feeling you are implying some kind of sleazeball or something? If I buy a Mh at price and fix it up and rent it out or sell it I don't see how that is me bow hunting with a 30-06? What makes me so sleazy if I would offer financing on it if I sold it? All I asked was how to offer a compliant seller finance option. All you had to do was tell me how. Or not tell me how. Or say this is how, but the cost will be so high for you, you probably won't want to consider it. You definitely didn't have to imply that I'm asking how to legally screw people or take advantage of anyone. What's the deal with that man? Im new and starting out and just trying to find what's a compliant way to offer this. I don't really appreciate the hostility.

thanks that's more in line of what I'm trying to find out

i mean no disrespect, but you're jumping all around my question. My question isn't about what resources I have available. My question is if I were to owner finance a mobile home, what would I have to do to insure its a legal transaction?