All Forum Posts by: Greg Mitchell

You have crazy timing!! Actually, my renters stayed.....but are moving out at the end of the week. I'm either going to offer owner financing or do a lease-option this go around. I really need to get rid of this house, it's too far away.

My renters are moving out at the end of the month and I want to go the route of selling with owner financing. 

I have no idea where to start so please educate me on the ins and outs.  

I plan to advertise on Craigslist to start....what would you suggest I include in the post?  

What kind of terms should I open the negotiations with?  

When we settle on terms, where do I go to set up a contract?  Does I need to get a lawyer to write it and what exactly should be included to protect me if/when it comes to foreclosing?  

Any other details that you could provide would be appreciated as well....these are just the first questions that come to mind. 

I've wondered what is "fair and not excessive"?

I came up with $25/day by dividing the rent ($750) by 30 days = $25/day

Have tenants, man and woman, who have had a falling out over finances.   Apparently she doesn't help him pay any bills, he has to pay everything and she's worthless, etc.  

In our lease, there is a $25/day late penalty.  He's asking for no penalty 'this time' because he's short until this coming Monday, supposedly.  He's also saying he's trying to get rid of her and have an old friend move in with him who will share bills.  

Not sure what to do...any advice for a newbie? 

TIA, 

GREG

I talked to my employer today and they actually pay the management fees, which I wasn't aware of. 

I guess I'm leaning towards staying contributing, but the temptation of having that money work for me now instead of waiting 20 years (I'm almost 40) to have access is very strong.  Also, I've only had a 401K for 3 years, so it's not like I'm going to have a big nest egg anyway.  

If they matching 100% it would be a no brainier for me, but they only match 1/2 of my contribution up to 6%. I just hate to lose all that money to fees, and have to rely on the market.

At this point I'm contributing 6% of my pay and getting 3% match by my employer. That's the max they will do. The way I look at it, the company match basically protects my contribution from inflation, and any fund increase is a good bonus, BUT much of that is eaten up by management fees. My question is, would it be better to keep that money (even though it will be taxed) in my paycheck and put it toward RE investing or bad debt reduction? Thanks, Greg

Thanks David.  

How many of your houses would you say you sell to investors? 

Thanks  everyone.  I appreciate the offers for help and will take you all up on them. 

Great advice already! 

Thanks, guys