All Forum Posts by: Germain Mopa

@Brian Gibbons - That sounds like a great idea. I will run it by my attorney tomorrow. Thanks for the suggestion.

I am selling by owner, but I do have an attorney. I will be reaching out to him tomorrow. I am currently living in Burlington, Vermont, not in Atlanta GA. I will be moving down at the end of July and planning on starting on REI down there.

Hi All -

I have a situation regarding selling my property. I am selling our duplex (one unit renting for $1100.00/month, and the other was owner occupied by us) due to relocating my family to the Atlanta GA area.

After a month of our house on the market, we went under contract with a buyer who appears more than capable of buying the property, but here is the situation:

Buyer has her house on the market - so has an existing morgage

Buyer has $100k to put down as a down payment (selling price is $404,500.00)

The buyer just told me that after the loan officer told her she could get a loan based on her finances, the loan application got denied because the property is a duplex. The buyer is still very interested and really want the house. The buyer asked if we can be open to sell to her where she puts down a sizable down payment and we can charge her above market rate. She plans on selling her house within couple months (no guarantee there I understand), then payoff the loan with us within 6 months, at least that's her plan.

We still have a mortgage on the property 65%-70%. I am open to deal with the buyer, not sure if I can work an owner financing because of the mortgage. If we do a lease with option to sell, what's the best way to protect ourselves? Buyer putting a big chunk of money as deposit/non refundable?

Any idea will be much appreciated.

Thanks in advance with your responses.

Germain

Hi all -

I am relocating with my family to the Atlanta GA region. I am married with 2 young children (4 and half and 14 months). My In laws sold their house and coming with us, can't stay away from the grand kids, which is great :-).

I have been looking for a house to rent in the Smyrna area (4 bedroom 2+ batch), a neighborhood with a swim/tennis/playground for kids. 

Here is a sample house that we like: http://www.zillow.com/homes/for_rent/Smyrna-GA/hou...

We are looking for a July 15th start date - 12 month lease.

I have great credit, good w2 income that can be verified anytime. I own a duplex and I have deal with tenants, so I have a great deal of respect for other people properties.

Thanks in advance for helping.

Germain Mopa

Thanks guys for the warm welcome. @Dorothy Griggs, yes I will definitely join some REI groups when I move down.

@Joshua D. I like to believe I have a good plan :-). 

Hi All -

I have been on this site for few months now, reading, listening to podcast and learning as much as I can. I decided to introduce myself as I plan to get more involved this year. I have been interested in real estate for few years now, and it's my plan to use REI to reach my goals of being completely financial free by age 50 and enjoying the process.

I currently live in Burlington, Vermont with my wife and our two young kids. We own a duplex that we bought 4 years ago. My plan was to keep it as a rental and buy more rental properties. But about couple years ago, my wife and I started discussing relocating somewhere warmer and bigger, so I decided to hold off on buying another property.

We are finally relocating to the Atlanta, GA region at the end of the month of July. I am really excited to resume REI in Atlanta to reach my goals. We will sell our duplex, and use the money we get from it to invest in the greater Atlanta region.

I'd love to link with local investors, like minded people etc... 

Thanks,

Germain