All Forum Posts by: Kate B.

I am perfectly okay with my cash in the building -- "dead equity"? - until I sell.   I have virtual money in stock market funds at Vanguard until I sell too.

Also, when tenants don't pay, I am happy I don't have a mortgage.

Samantha, this was in my mortgage in New York decades ago.   I paid off my mortgage fast -- I could do that -- and then rented rooms and later the whole house.  My insurance co also said something about dogs AFTER I got one, and then said because I had one already it was okay.

Wes, your information is exactly what I needed to learn.  Thank you!  It helps me weigh the merits of doing something like this.

Brian, thank you for the suggestions and perspective.  I don't know much about 1031 so I started a different topic to learn about it.  I think I can see the advantage of doing that with a lease option to buy.  Thank you!

I'm considering strategies for selling a property in Worcester, MA which has increased in value since I bought it at an estate sale four years ago with cash.

A suggestion from Brian J. Allen was to look at a 1031 exchange while evaluating the advantages/disadvantages of doing a lease option to buy with a potential buyer.  

I've heard of it but don't know much about 1031.  I'd appreciate any views and suggestions.  Thanks!

I don't have a mortgage.  I paid cash in an estate sale four years ago.  What I net depends on whether I involve anyone but my lawyer.  I am in contact with my lawyer to learn some things but he -- a real estate lawyer -- is very conservative so I'm looking for lots of viewpoints.  I'm curious if it can be a win-win for both sides.

I have a property in Worcester, MA that I could sell for about $250,000.  It's a three family.  Someone in the neighborhood, a contractor/remodeler wants to rent to own the whole three floors.  Usual rent is $1,100 each unit.

How would rent to own work?  Also, is it a deal for a seller?

My plan for most of the money is to invest it for retirement in stocks and bond funds.  I'm not intending to use more than $40,000 for something other than that.

I just want to know how it works.  Thank you very, very much to anyone who can enlighten me!

I have had three court orders and finally got tenants evicted today for nonpayment after two years and i remembered reading about a website where tenants like this can be named.  I want to help stop the situations I've been in.  Is there a place to post this on the 'net?

I don't feel vindictive, but sense it has to stop.  Drug use was a big issue, I learned along the way.

Any thoughts?

Kate

Robert, I purchased a five family this summer and had a very similar experience.   A pipe burst and there is extensive water and electrical damage.   I am still getting estimates as more damage is discovered.   I am curious to hear what suggestions you get about lessons learned.

Your tenants have been there for four years.  Ask them what they think about it.  Ask too if it would okay to give them a list of people to call for certain kinds of problems.   See what they think.   I bet they would prefer to deal with you on this after a property manager.

My rookie view, with four properties.