All Forum Posts by: Jessica Edmond

David, I’d be ok with the seller keeping the 10% if I didn’t have to come in with probably 20-30 k just to fix it up to make it liveable and I durable.  So ultimately my 10% + whatever repair costs end up being and the rent plus 1/2 closing costs ?? Seems like a lot for me to take on 

I've got an owner willing to do owner finance/rent to own for 18 months @ 10% down of 110k. They will be putting my down payment into a non-interest bearing account and at the end of the 18 months they expect payment in full. I plan to live in it and fix it at the same time. It needs alot of work due to a recent storm. However, its worth apx 150-170k ARV. I tentativly agreed to the 10% down, plus 500$ a month rent and home repairs will be up to me of course.

My plan would be to refinance it at the end of the 18 months and pay the remainder of the loan off.  The monthly rent of 500 would also accumulate against the final amount due. 

Wording in the sellers contract says if i cant purchase in 18 months, they keep my 10% down.  I'm not real keen on that.  Most especially since repair costs will also be coming out of my own pocket. 

Any suggestions to make this deal feel a little less risky? Your thoughts, comments and reccomendations please.

JE

@demetrius gaddist, where do you live 

@Paul Doherty, I take that as meaning, us as homeowners income is being cut

because we are not getting rents from the renters". Rents is considered

income per tax laws.  So the stimulus should directly relate to homeowners with rental income that are not able to pay their rent, thus us not paying our mortgages. 

@Michaela G. Great plan you implemented. I love it.  Creative,effective and thoughtful of your tenants.  

@Shameka Williams,hey shameka,,, how are you.

Have you identified the property you are looking to purchase yet? 

Hi Rebekah,, what an awesome spelling of your name.. so unique. I agree... this is def a fun community to be in. Lots to compete with regarading the male aspect but i feel like us women dont look at one another as competition versus how the men look at one another.. I love the aspect of inspiring another as strong confident women.

I'm here in Pensacola Florida.  I have two Long term rentals that i own myself. I also have a long term rental in Maryland.  One of my long term rentals is a duplex here in Pensacola. I short term rent/airbnb/vrbo etc... one side of the duplex.  I also have three other homes i do rental arbitrage on and am delving into the vintage rv renovation / glampng airbnb short term rental world. I have purchased two buy and hold pieces of land and flipped one for a 100% profit.

I'd love to buy a flip since I've build a pretty strong network of resources here in the area that i can trust.  Funny enough, they are all men...LOl.  I've heard detroit it a hot market... 

Hey Riley,,, woop woop.... GIrl Power. I am here in Pensacola... How are you?

Lynette, that ok if we are outnumbered !!!!!!!!