All Forum Posts by: Dale E.

Hi BP community,

Looking for some creative advice.

I acquired a 4b sfh through an online auction about a year ago and completely gutted the home and upgraded mostly everything. Unfortunately, I made several budgeting mistakes along the way and now have less equity than I had hoped for in the property. Property is located in Illinois.

Here is where it stands as of now:

- cash out refi about to be complete. I'll get most all of my remodel money back out and be left with about 20% of my own money in the house

- cash flow will be limited once rented. The house will break even or profit about 100/month free and clear with about a 10% cash on cash return projected

What I am considering / looking for advice:

- can I owner finance a property if I have a mortgage on the unit?

- can I rent to own if I have a mortgage on the unit or is that essentially the same thing as the above question?

- does anyone have any advice on these strategies that I can learn from? My leading thought is to try and offload the property through one of these approaches as it is a quality home that I think I could sell to a current tenant of mine from another rental unit. My goal would be to make a higher return in the next 5-7 years, lock in current market prices, avoid some selling fees, and free up more cash right now for an opportunity that I have an eye on that looks more profitable.

Any advice / suggestions would be greatly appreciated 👍

Thanks!

I could do the weekend of 9/23 or 9/29 if that works

What date are you looking to hold this, Peter?

@Peter Tomeczko thanks for setting this up. I'd love to attend going forward but unfortunately I won't be able to make that weekend. I'll definitely pass this along to some other individuals that I work with that are not on bigger pockets

How about June 11 or 12?

@Peter Tomeczko

@Peter Tomeczko

May 14th works well for me at noon.

Let me know if you have any issues trying to find something and I can help look around for some spots where we can squat as well.

Thanks

Great to see this post getting picked up again. 

Totally agree that a meet up would be a good idea with weather getting better. Below are some dates that would work for me. Please chime in if interested and on date / time preferences. I can reserve a room at a local bar / restaurant. There are some decent local places - Tangled Roots Brewery may be one that would be good. 

Saturday, May 14th 

Friday or Saturday - June 10 / 11th

@ Scott Forney - I used TCG for a property over the past year. I would be happy to provide some feedback if needed. 

@Jhonathan Wiley

Thanks for the comments. Given they send you notice via email, it sounds like you would have the right documentation necessary should you need to serve notice for eviction. Just didn't want to be in a situation where it's caught in limbo and the tenant is stating that it's related to the software.

@Blake Hege

Blake, thanks for the comments! It certainly seems to be the no-frills/reliable software that will meet the intent. Did you have any concerns around security of the platform and are you getting your rents deposited in a single day as they guarantee on their site? The timeliness of deposit is something that's concerning when I research other apps as I don't want to be blind to tenants potentially not paying timely and then not seeing it until several days later when I receive the deposit.

Hi BP members,

I'm looking for a no-frills rental software that is reliable and straightforward. Obviously a free software would be great but I also don't mind paying a small fee if the software is solid.

Looking for a software that will automate late payments, send reminders, and transfer funds into my account quickly. If anyone has any feedback, please let me know!

Thanks