All Forum Posts by: Connie Brzowski

I bought a house I fell in love with-- and felt sorry for the little old granny who lived there and paid too much. Lesson learned-- love is fickle and when that puppy quit making money, I was no longer amused.

So really two lessons--

Its amazing how much love you can develop for a property that's profitable and...

I'm not rich enough to be a charity just yet :crazed:

Ryan,

That confirms what I've found elsewhere-- unless this family can qualify for a conventional loan, looks like we're both out of luck, sorry to say.

Thankyou~! :D

Hi all--

New to the board with a quick question.

I have a nice older home with a garage apt. in a depressed area that cashflows marginally... great for awhile, but the area is flat, taxes and insurance are going up (still feeling the effects of Hurricane Rita) and rents are maxed out. My current tenant loves the place but will never qualify for a conventional mortgage.

We generally buy, rehab and hold but I'm thinking about cutting this one loose. The house is highly leveraged with a first and second in place. If I listed on MLS, it might sell for 90K which just wouldn't make sense. I'd like to offer this to our current tenant at a higher price with owner financing, but I've heard that Texas has some of the worst laws in place for this type of transaction.

Could I do a wrap around mortgage here? Anyone know or know where I can find out?

TIA :)