All Forum Posts by: Kevin Breneman

The house is worth around 200K, I didn't plan on charging interest, just an additional $600 a month for the 20 years.

One of my biggest concerns is the foreclosure/Eviction process.  If I am still the owner for the 20 years, I would like to just be the owner, the tenant would be responsible for any repairs required. At 20 years the tenant would own it, but not sure how to transfer the title when complete.  Would this be a gift, or some other way to transfer?

I do have questions into a local lawyer, trying to understand my options.

I currently have a tenant that is renting for $1300 a month, however they want to purchase the house.  I was thinking of renting for $1900 a month for 20 years, after 20 years the house would be their's, has anyone else done this type of for sale by owner? Are there any downfalls to doing this? Seems like it would be a good deal for both myself and the tenant.

Thanks Dave, I am in the process of buying a duplex that has Property Management company already, but I would like to use a different company once I close on the house.  The house is in SC, if that makes a difference.

Thanks!

When buying a house I know you have to honor the lease, however do you need to honor the Property Management deal that the previous owner had set up?

I have a couple of tenants with the same issue, I opened a savings account at a bank that has branches in that city and the city I live in. then they deposit their rent into that account and I get notified when the deposit is made. Has worked great for 5+ years now.

Steve, I checked with the bank I am using and they do not finance for modular homes/trailers.  I know you said it is very difficult to find financing.  Were you successful in finding a way to finance you, or did you end up have to pay cash?

I am thinking about buying a mobile home/modular/trailer in a mixed community.  The community is split pretty evenly between modular's and stick built single family homes.  I was wondering if anyone else has purchased/rented modular homes in a mixed community like this.  What kinds of concerns would there be?  I would look at it being a rental investment, would have no plans of selling it for the near future.

     I currently have 4 investment homes.   Hoping to have a few more before I "retire".

    However I am having issues finding a bank that will allow more than 4 mortgages.  Any assistance would be greatly appreciated.

Hello BP,

My name is Kevin and I am a recent subscriber to the BP site. I have been investing in homes for around 6 years, I currently have 4 SFR and have mortgages on 3 of them. I would like to be able to increase the number of houses I have, however every bank I have checked with limits you to 3 investment home mortgages.

Reading through some of the blogs I have seen people that 10 plus homes, that I assume all have mortgages, and I am curious what the process is for doing that.

I have found some information about B2R and First Key that have something called a portfolio loan. I was hoping that someone could explain how they worked.

Thanks for any info you can provide!

Kevin