All Forum Posts by: Jennifer Rysdam

When I bought my 8-plex in April the previous owner just wrote me a check for what was in the account and I put it in my own Security Deposit Savings Account at the bank. Make sure you find out who paid what because it's not always the same for everyone, or clearly documented in their lease.

I'm sitting in the same boat :)

Thanks for all of the great advice everyone. @Chris Pohlson Thanks for the link. I'll check them out. 

Depends on what your security needs are. Would a trail cam work for you? Some take pics on a micro chip that you just put into your computer to see who has been there.

Tell them that you appreciate all of their help over these years (or whatever) and ask if you can have a pile of their business cards to share with friends.

FYI, in case you are interested. I filled out the form on their website last night and this is what was in the email that I just got back from them. My house sold for $150,000, contract for deed with $40,000 down and $1000 per month at 5% for 2 years. I'm almost 1 year into it. This is what they are offering me for a buyout.

Down Payment $40,000.00

Total of Payments Received $10,000.00

Our Offer $91,400.00

Future Payments $2,000.00

Total Cash Received $143,400.00

So I'd be losing about $7000 on the deal. Just might be worth it to me to have my money as I own it outright.

Maybe something to consider. Sell on a contract and then sell the contract.

This is the company that is offering to buy it from us the most: https://fnacusa.com/

We sold our house on a contract for deed a year ago. We bought it for $90,000 cash, fixed it up, and sold it for $150,000. They gave us $40,000 down and we get $1000 per month at 5% for 2 years. We have received several letters in the mail from companies offering to buy us out on our contract. I'm sure they'd lowball us, but that is also an option I guess. We're considering it because we want our money out to reinvest in more flips.

I feel like I'm banging my head against a wall. Every bank I talk to tells me that they can't count my income from my apartment building until I've had it for 2 years, and that they can't count the $110,000 of home equity that I have in my house that is sold on a contract for deed, etc. How can I find a bank that will lend to me? Any good banks in MN, Southwest MN, or even Sioux Falls, SD area? Thanks!

Congrats! So, how did you manager to purchase so many properties? I would like to purchase more but have to spend time saving for down payments. :)