All Forum Posts by: Edward Smith

So here is my dilemma. There seems to be two pretty good deals on the table for me. And I can only do one for now. 

Deal 1 

3bed 2bath single family home rent rate around $1200-$1300 

25k sale price (very motivated seller) comps 50-60k

Taxes&Insurance est $216 a month. Total payments $507 a month 5yr term

I'm having my inspector take a look tomorrow.

Problem? Its 110 miles away in Chicago

Deal  2

5bed 2bath Multi unit(2). Rents 1400-1800

60k sale price (again very motivated) comps 70-80k

Taxes & Insurance $160 a month 2 long term currents tenants . Total payments $826 a month 6yr term(no baloon)

Problem? none really less income than the first that's really all and it's a lot closer to me 5-6 miles

Both are willing to carry terms with a little down 7k and 12k no interest on both deals. I'm just not sure if the first one is worth it even with a property management company. All feed back welcome

I'd be interested to find the answer. Did the same thing expect on a home with a new lease signed 2 months ago. From what I'm hearing I do have to honor the existing lease. But if I bring a new one to the tenant and he signs the new least we go from there....but only if he/they agree to it they don't have to. I could be wrong   

I need your advise BP....Just closed a my first rental property yesterday. 1 hour after I closed on the property the previous owner told me that the current tenant has been late on the last 2 payments. and still owes $300. Before the deal was closed I ask her how the tenant is and she said fine.....not good. Anyway probably can't do anything about it now. I've had one conversation with the current and he didn't mention he had any issues paying on time. I have an in person meeting with him on the 3rd of March. The reason property was sold to me is current owner moved to FL and did not want to be a land lord anymore. How should I approach this meeting with this new info dropped on me? ...

Details of deal

7yr land contract 6%

rent $900

Sale price 3900.00

Current Value 70-80k ( 2 different comps with different agents)

Lease signed with current tenant 1/1/2017 

Having an inspection done tomorrow What should I have my inspector look for...the home is kind of old 1908...

They I can pay off the loan at any time...So I'll have time to shop around for better financing. i just wanted to make sure I get it under contract 

I'm wondering if I should get title insurance

It's in Racine

HELP....Buying my first property on a Land contract...Seller is out of state and is sick of paying a management company....willing to do owner financing at 6%(29925) for 7 years..438.00 a month..Property worth 60-70k Current renter signed a 1yr lease and pays 800 a month(900 for the first eight months) That 29900 is after I put a 25% down payment (39900). Propery is in a solid nighborhood. I plan on selling to another investor asap or I can just hold on to it. ...Good Deal or no