All Forum Posts by: Josh Christians

I, too gave gift cards. And let them know I appreciate them taking care of our property and paying on time. I think gifts go a long way! 

Hello! 

I have a pretty unique situation.

I have a family member who wants to help me with my real estate pursuit/dreams to financial freedom. They are willing to loan me $ interest free and not have to start making payments for a couple of years to repay that loan from them. I know, wowza! :)

They didn't give me a specific amount I could borrow, they just told me that I could present to them a "plan" and for that plan to make sense. 

If you were in my position, what would YOU do? I know, there are a LOT of factors...if I am wanting to try and live off cash flow (which would be very hard supporting my family), keep my full time job and attempt to do on the side. Flip or rent one house at a time. etc etc etc. 

I want to keep things as simple as possible...not just go buy a bunch of houses and have borrowed a TON of $. I like the idea of being able to buy one or 2 houses (or multifamily, commercial property) at a time, paying them off, then add another...Dave Ramsey style.

Really appreciate your input!

Alrighty, here is our situation...and I need advise!
I have searched the forums and read MANY threads.

First, we OWN free and clear a home valued at 80k.
Rented it for two years, but now we want to sell the home. We are planning on moving 2.5 hours away.
We have a couple that are interested in the home...and seem to be great candidates to owner finance to.
They have a successful business, had received bad tax advise...so, had some business troubles...and now don't have the best credit and making payments to the IRS. Would most likely not be able to get a loan from the bank.
They have a perfect track record of paying rent on time and have plenty of income to pay down payment and monthly payment (whatever that may be??)
So, here are a few questions being NEW to this owner financing stuff:
1.) I was offering the home for 74K...with owner financing do you typically sell for a little more??...my thought 80K?
2.) Is it just whatever we agree upon as far as term (15 or 30 yr. etc)?
3.) What is a fair amount to ask for the down payment and interest rate?...and seems like you want enough down for security, but also not too much...so you can get more interest $$ out of the deal, right?

Appreciate any feedback!

I really appreciate all the feedback!! Yes, we do OWN our rental property free and clear. Another thing that also pushes us towards selling is that we are wanting to move closer to family...but, let's forget about that cause I like hearing the thoughts on this.
Thanks for explaining leverage...made it easy to understand.
Still don't quite understand what you all are saying..."having rental paying for our mortgage"...sure it is, but, you are also paying three times the value of the house in interest over the life of the loan!
Seems to me the simplicity of just having our primary paid off is the way to go for ME...at this time in our lives...2 little boys to take care of! I want to jump back in in the near future when we are in a more permanent location. Once again, Thanks!!

Here is my situation...
We OWN a rental property...currently trying to sell it.
The reason for trying to sell is that if we sell we can pay off our mortgage on our primary residence.
Can anyone tell me if there is any reason we should keep the rental and continue to pay on our primary home? Besides value of property value going up over MANY years?
Here are the #'s:
Rental: Get $500 a month after insurance.
Primary: Pay $400/month to bank.
I just don't see the point in keeping the rental just to give that $$ to the bank for our primary mortgage!
Appreciate any feedback!! I am fairly new to all this house stuff!