All Forum Posts by: Kelly Bellini

@Georgui Kasaev thank you so much!  No, not repetitive.  This is excellent info.

OK, gonna throw something else out there.  My agent says that she'll do all the paperwork for the transaction for only 1%, if the buyers don't use an agent.  So, basically, she'd be representing both sides.  Is this something any of you are familiar with?

@John Teachout thanks!  It was built in 2005, so thankfully, no worries on lead. :)

@Sam Shueh thank you.  Can you elaborate a bit more on the disclosures?  Is that something that is usually prepared by the agent?  I mean, of course, I've always read them (as the buyer), but we've never actually sold a house.  If I remember correctly, there's a standard form for the seller to fill out, regarding disclosures, right?

@John Teachout thanks so much!  Yes, I will contact a real estate attorney.  We've purchased 2 houses in GA, so we're familiar with a couple of attorneys.  I would LOVE to not have to give up a bunch of the money to agents, but I do want to do it all correctly.  So we just offered up a price to our tenants, and they seem to be happy with it, and want to move forward.  The unique thing in this situation is that our tenants were currently in the processing of purchasing a different home, but they're hoping to get out of that since the builders are being very difficult and pushing things longer than originally planned.  They love the house they're renting from us, but had no idea we would consider selling.  So, I'm thinking that because they were already WELL into the process of securing their loan, maybe things could go smoothly and easily.  I have no clue if lenders would be able to just shift to another home, BUT at the very least, the lender already has all the paperwork.  Fingers crossed!!

Thanks to everyone for all the input!

Hey guys! We're considering selling our investment property to our current renters. They've been excellent tenants for a year now--turns out, they're ready to buy a house, and we're potentially looking to sell. So, I'm wondering how necessary it is for us to have our Real Estate Agent involved. IS it necessary? If so, can we pay less, since she's not going to be marketing the house? Is FSBO a huge, difficult hassle? I'm guessing the tenants will want to use their agent on their end. Any strategies or tips you guys can give me would be incredible!!! BTW, the property is in GA. Thank you!!

@Andrew B.--this is great stuff.  Thank you so much for the thorough answer.  I hadn't really thought about the owner-occupied loan situation, but that makes perfect sense!  Also, I imagine insurance might come into play as well.  Yes, the lease back would probably go for around 2-3 months, I would say.  I looked up rent-o-meter.com (I think it's fairly accurate) and it said that houses in a 5-mile radius, same number of bedrooms had rented, on average, for $2060, so my number seems to be right on.  And no, we did NOT get a killer deal.  We're paying, straight up, exactly what the property is worth, based on comps.  We haven't signed a contract yet, so now I'm super tentative.  We're still in the midst of negotiating the offer...  Clearly, we have some talking and thinking to do.

We're in a situation where we're trying to buy a SFR (we plan to turn the walk-out basement into a separate apartment to rent out, while we live upstairs). The sellers want to lease back, while they find a home to move into, and we want to rent it to them, since we realistically don't want to move for another few months. So, it could work out beautifully! But here's the thing: They purchased the home 10 years ago for 180K, and we are now purchasing it for 370K. Obviously, their mortgage payments have been quite low, but our PITI payments will be roughly $2100/mo. Is it unreasonable to ask for that full $2100? I mean, really, we could just get another renter to pay that full amount, or we could just move in earlier than we'd like. The sellers asked if $1500 would be ok?! That seems insane to me. Why would we do that? We are new to the idea of lease backs, so can you let me know if I'm missing something here... What would you do? Thank you!!!!

@Melissa Gittens thank you so much!  The market is SOOO frustrating right now.  And patience is key--otherwise you could jump into a bad situation, which could be way more stressful than it's worth.  This was a huge fear of ours.  We ended up finding this house a little bit outside of our ideal location, but the numbers worked!  Good luck on finding your flip!

@Daniel Jahn thank you!  Fingers crossed for your first deal!!!