All Forum Posts by: Logan Turner

Jack Halldin I was offered them an annual tax document. Not sure if this is required. Should probably check with attorney.

Brent Coombs Contract was written up by real estate lawyer. It's fixed interest. Principle and interest payments. 10 yr at 10% = 1255.43 a month. Amortization schedule provided. They are wanting something to Show that they paid. I told them that their bank statement provides this, in addition, they get a receipt electronically using the electronic method of payment we set up. I offered to provide them an updated amortization schedule whenever they paid more towards the principle (which paying more is what they said they wanted to do) I also said, I would give them a balance, interest paid detailed document at the end of the year. I'm trying to minimize clutter and maximize passive stream-lined income. Of course, I want to stay legal and do what is the norm. That's why I'm asking

Ok so I bought a house cash, fixed it up and sold it with owner finance. Now the new owner is asking for monthly receipts of mortgage payment. Is there an obligation for providing this? Should I be sending quarterly balance statements? Annual amortization schedules? Just curious what everyone is doing with owner financing. Deal (cause why not) cash purchase 41k, rehab 12k. Sold owner financing at 99k with 4K down and 10 year loan at 10 percent. Thanks everyone for the input. I'm normally a buy and hold I just couldnt find a tenant to rent so decided to sell. So first time doing owner financing.

Anthony Gayden those houses are still worth something... if the owner is paying you a couple grand to take it over lol. I've thought the same thing. I've seen houses in D neighborhoods, that need to be tore down. Which I would not take for free. So that house is only a deal if the owner pays me to take it over. Tear it down and build it up. Now if I were to run numbers maybe it could make sense but the price would be very low and I don't do new construction build.

I have to agree with Jacobe Kendrick The houses >300k have taken a little dip. But the mid to low tier houses have maintained their prices very well. When oil went down lots of people lost jobs and lots of vagrants left. Those that came for the oil boom were all renters. So of course now the demand is lowered prices for rentals have gone down. I've been waiting for house prices in the 90-200k to decrease and they just haven't really. Not more than 5-10k.

Interesting discussion. Would love to hear some responses from people who went through it in 2006-2008. I currently have a few long term buy and holds but I don't plan on selling. The reason being cash flow is king. Value varies. As long as you cash flow enough to absorb a decrease in rent, then just keep on trucking. Now if I had 100 SFH's cash flowing only 100-200 / mo with current equity less than 25 percent. I'd be nervous. 50 percent equity at 100-200 I rest a lot easier. Or cash flow 300-600 a month with less than 25 percent equity, I'd be comfortable. If market down turn occurs, rents may decrease or vacancy may increase. This can be argued but many claim this occurred in 2009-2013. So I'd just want to be prepared against it. If you tell me my house is worth 50k or 500k, doesn't matter so much to me, if I'm not planning to sell it and it's putting 500 a month into my pocket.

In case anyone was interested, i found a template for Excel here  

http://download.cnet.com/Amortization-Schedule-for...

and for numbers here https://jmoore.me/2013/10/31/a-loan-amortization-w...

I ran across a couple of programs for around $100-150, not sure what they entail but the free ones seem to work out great so far

@Wayne Brooks any recommendations of a few?

1031 exchange, which is technically called a like kind exchange. Defer until you die baby! But seriously, do an exchange. What makes u want to sell? Hopefully you're only selling, because it allows you to purchase more.

So I sold a property that didn't align with my portfolio with owner Financing. Purchased for 41k, 16k rehab. Sold 99k with 5k down, 10 year note at 10 percent interest. Payments around 1250 a month. So, the lawyer who I used to draw up the contract and close, said the lender has to let the owner pay down the principle sooner, if the owner wishes. I initially negotiated with buyer that interest rates would be fixed and built into the loan so total amount due would be 155k (no matter when it was paid off) I guess this is not allowed? Perhaps I should have just made the sell price for 155k paid over 10 years. Now I have a loan amortization schedule. Do you all use a bank to manage that? I don't wish to constantly recalculate numbers if they pay me 100 dollars extra one month, etc.. In the future, what do you guys recommend doing to avoid this? Also, this may be my last sale for a while lol. My goal is long term wealth building, I just thought this was a good opportunity to play bank and not worry about taxes, insurance and maintenance / vacancies. ThAnks in advance