All Forum Posts by: Karen Morgan

@Fred Heller - I assume this is true in Texas?  

I sure agree with all you folks have written. 

I do wonder, though, if many renters know that they can rent to own?  I sure didn't know about that before I bought a house, and I'm not sure my friends who still rent are aware of this option, either. 

Thank you, @Marlon Wilson!

@Ericka Parrott - thanks for reaching out and offering to help!  Based on all the items you mentioned, it seems to make sense to just walk away.

I think this deal would only work if:

a) I weren't related to the condo owner (@Rick Baggenstoss - I believe I've heard the same thing about not being able to sell to family owner.  Has to be an arm's length transaction);

b) I could step in as an outside investor and get the property (and related mortgage) at its current, low value;

c) The area had some promise of picking up in the near future; AND

d) Feedback from more Decatur/Atlanta locals telling me that it's easy to get renters into condos in this area.

My sincere thanks to all for the helpful feedback - it definitely shows how great of a website/forum this is. 

Thank you, @Mike Watkins.

Now you see why my interest was piqued.   :)

If the rental market in that area was good OR another investor was interested in buying directly from my dad's estate, then I'd probably be up for working a deal.  But since 2 of the 3 comments so far recommended walking away...

@Todd Whiddon - thanks to you for doubly-confirming what I thought.

I appreciate your input!

@Rick Baggenstoss Thanks for your post - I totally get it...been thinking the same thing.

My next thought: is there any chance another investor would like the property (could they contact the bank directly once I let it roll over and make an offer before it hits the MLS), and is there a way for me to get a referral fee for that since I'm really the only one who knows about this property? Since it'd go back to the bank, the price would be around the $50-55k range, rather than $100k.

Hi all - 

I'm new to biggerpockets.com and RE investing, and sure would appreciate some help regarding a real estate situation on a 2/1 condo in Decatur, GA (30035). The property is in my dad's estate and I'm in a position to accept it or let it roll to the bank. The property was purchased around 2005 for $100k, mortgage left to pay is $80k, and approximate value per a realtor is $65k. 

As a newbie, I have some obstacles here (that I look forward to overcoming!). First, This might become my first rental property, so I'm new to the analysis aspect of this. Second, I don't live in Decatur and don't know the market.

I'm specifically looking for contact with a local investor who is willing to share some knowledge to help me (quickly) navigate this property, as well as property management recommendations for that area. 

Thanks to all for any help offered!

Karen

@Account Closed-thanks for the tip!  I'll start looking down in SA.  That makes sense to me...we tend to go there for weekend getaways.  I can see why the market would be open for rental purchases.

Good info, @Dan Burstainand @Account Closed!

Just curious:  do you see the positive cash flow and good appreciation only on single-family, or also on multi-family?  I like the idea of multi-family, but don't see a ton of options in CP/Leander.  Sounds like I do need to open up my search to RR as well and work the numbers a bit more...