All Forum Posts by: Robert Chavez

@Joshua Hively No problema, I completely understand and agree. And thank you I appreciate the positive encouragement.

@Matthew Miller Ya I'm not looking for a charity case. And I'm not looking to hedge on someone's life-span either, too much risk and bad karma.

@Joshua Hively Not sure what you mean. Who's the bad deal closer? Me!? Well I haven't seen this before and that's why I'm asking! LOL

@Matthew Miller it is a more sticky situation, the house is in probate and his significant other (for 20 years) was the only name on the note. At first inspection, no large repairs are needed but he is elderly on fixed income and his monthly payments are 2/3 his monthly income. He actually has two mortgages. He's also pretty set on staying for sentimental reasons and wanting to pay a cheaper rent than the monthly mortgage. Based on what he wants, I told him that he'd be better off selling at retail and downsizing, that I wouldn't be able to purchase and keep him as a tenant based on the price it would sell and rent he could afford.

I would love to help this guy out, but the numbers don't work. Or at least I can't think of a way in which they can so long as he stays in the house.

Any other thoughts?

Thanks

Great point @Jason Luongo, I think that it could be a win-win, based on the equity that I would get alone.  I will see the condition tomorrow. I didn't think about the short-term lease, thanks!

@Ned Carey thanks for the for info! I am meeting with him on site tomorrow to check out the property. I will dig in a little deeper to see if I can figure out his motivation.

Hi BiggerPockets Community,

I was contacted today about a property from a direct mail campaign that I sent out (I am a wholesaler in the Jacksonville area) and the property owner is an older gentleman (mid-80s) who is looking to sell his house and live in it for the remainder of his life. Now the property itself is in a nice neighborhood with similar houses that have sold in the low 200k's and he is asking for ~130k (what he owes). He basically wants to sell it to an investor and rent it out from the investor. I'm looking to see if anyone here has had any experience in making a deal like this work.  Thanks!

I'm the husband of the most beautiful woman in the world and the father of soon to be 3 awesome children.  My day job (and sometimes 24/7 job) is a submariner in the US Navy.  I have 1 rental in South Carolina that acquired a tenant the week after I moved my family to Florida.  I have already learned so much from this community and hope I am able to contribute a fraction of the wealth of knowledge that I have received!