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All Forum Posts by: Lijuan Wei

Lijuan Wei has started 5 posts and replied 12 times.

I sold my 1st house owner financing. But back then I don't know much about real estate at all. I sold it owner financing, so I don't have to deal with renters or repairs and taxes. I didn't screen the buyer and leaving myself a big mess right now. The buyer started to pay monthly mortgage late and now wanting to pay in partial payments. She did not even talk to me about it. Instead she let her mom to text me that she has the partial payments and want me to go and pick up. I know there is so many alarming things in here. First, I didn't ask for enough down payment. The house sold for 90k, down payment is 2500, with 600 monthly payment and 5.5% interest. She told me she is going to pay 5k extra at tax season to knock off the mortgage quickly. But I didn't let her sign anything to prove that.(stupid me ) Cause I was told by the lawyer on the closing that we should decide the payment plan on ourselves.  This is a little over one year into it. She lost her job, and got married and divorced no long after. And of course didn't pay the 5k at tax season. But I cannot do anything about that. But she started to pay her monthly payment a week late last couple of month. In our contract, the due day is 22nd. and if late for 10 days, there is 10% late fee. But didn't state what will be default. She has been paying a week late. I got a new lawyer and he told me there is nothing I can do with it, if she is paying me late every month, but pay before the 10 days or after 10 days with a late fee. There is nothing I can do with it. I asked her what is going on, and she started to tell me the roof is leaking, the fridge is broken, the A/C quit working, and so on, and she doesn't get home owner's insurance because it is too expensive. And she said she can give the house back to me and walk away. After talking to my lawyer, I was suggested either ask her to add insurance or she will be at default since it is required on the mortgage note. or I can talk with her and take the house back, Other wise have to foreclose on the house. Then she said she has plans to fix the roof and change a new A/C and heating. But she will not spend that much if I am kicking her out. I thought since those things are very expensive to replace and it is not fair that she give me back the property at much worse condition. So I told her if she get her insurance and fix and replace things by the end of this year. We will keep the contract. She did get her insurance right away. But this month she is late with the payment again and trying to give me partial payment (500)without talking to me. What should I do? I am in Alabama. and by the way she did find another job. And she owns a mobile home and collecting rent from them. They have been having problem paying and that is why she has harder time to pay me..... I know I got myself into this. I did some wrong every step of the way. If anyone blame how stupid I am, I deserve every bit of it. But will anyone has any suggestions what I can do or need to do at this point?  

I am new on BP too. I am in Rainbow city, Al. I have the same question here too. The examples sounds so good. All that cash flow and so. But it is even hard for me to find anything 1%. And yet people are getting 2% houses. How?