All Forum Posts by: Mark Betche

I would not fear buying FSBO. While writing up your contract, just make sure you include any contingencies like inspections etc. Always buy title insurance.

It's not necessary for agents and lawyers to get their hands in the pie.

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I've read that having him owner finance is an option to spread out the tax liability while earning interest income.

He would only pay capital gains on the principle recieved and regular income tax on the interest income.

Has he said why he is selling the property? He could do a 1031 exchange if he is relocating.

I am not 100% sure of this, so check to make sure.

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Originally posted by Michael Rossi:

I've had two potential freaks apply for my rentals in just the past week. One was a guy that wanted to rent a place "immediately" (always a red flag) because he discovered "black mold" in a house he was buying and is planning to sue the previous owner. I don't know about everyone else, but if I discovered mold in my house (or one of my rentals), I WOULD (DO) CLEAN IT UP!

The other potential freak was a woman who looked at one of my one-bedroom houses. After walking through the house, she said that it wasn't acceptable to her because she needed more natural light. This house has at least two 36 X 72 inch windows in EVERY ROOM! She wanted to know if I had anything with more light. My reply: "like a fishbowl"? Are you kidding me?

Needless to say, I wouldn't rent to either of these people. The last thing I need is some wacko living in my rentals that see "black mold" everywhere or needs more light.

I also won't rent to people with words tattooed on their fingers (one guy had K I L L tattooed on his fingers) or people with tattooes on their face.

What kind of freaks show up at YOUR rentals?

Mike

Wow, I'm glad to see someone with my temperment doing well in this business.

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Originally posted by Jason Hanson :

Mark, you should have some type of property information form (usually 20 questions or so you will ask the seller).

This includes repairs needed, mortgage balance, etc....pretty much anything you will need to know about the property.

I would check out the rental property forum for more info.

Thanks Jason, the owner called me today. I did a drive by and was not very impressed. I found out that rents include bills paid. I will probably go ahead and do a walk through with the owner for at least practice and to make sure I'm not missing the hidden diamond. As you have suggested, I'm going to make a list of questions. Thanks again.

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Originally posted by Jason Hanson :

Mark the options for financing are:

1. owner financing
2. doing a lease option
3. buying the house subject-to
4. getting private money

I assume that the rental property is owned by an investor. I like the idea of an lease option, but I'm concerned about putting a lot of money into repairs and trusting the owner to not get forclosed if he owes on the property. A two or three year lease option would give me time to prepare to obtain financing from a lender. Any thoughts on this?

Thanks Jason.

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I recently talked to my bank about a loan on a commercial property I have made an offer on. My offer was 100k. They said they could put a 20k lien on my primary resident and give me 100% financing at 7.25% on the commercial property.

I'm also interested in buying an rental property.

My question is: What are my options for buying a second property after I have fully leveraged my primary residence? Is owner finance my best option? Or should I pick one and wait a while?

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This add is on Graigslist. How would you respond or would you be interested? What criteria in general would you use to approach this property?This property is close to a major university and my business. If it is still for sale, I am going to attempt to see it asap.

For Sale:
$74,900.00
4 Unit Apt. / House
2 Efficiency Units & 2 2-Bedroom Units.
Current income 1550.00 per Month.
Needs work

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I would recommend that you invest in Stock Mutual Funds. The stock market as a whole is down and a bargain. Investing in individual stocks is very risky at anytime.

You can contact companies like T. Rowe Price or Vanguard to get more information. Good luck.

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I also like option 2. But, as stated above, you will need a contract with your dad. The only possible problem is if he defaults on the loan for any reason and you may lose your investment.

This option relieves your dad of any month to month responsibilities to you and gives you an investment. You have to be sure that your dad is reliable.

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All Forum Posts by: Mark Betche

Mark Betche has started 8 posts and replied 37 times.

Post: owner financing precautions?

Post: How buy a FSBO??

Post: Owner financing & taxes??

Post: How to spot a freak...

Post: Advice on add

Post: Question on financing

Post: Question on financing

Post: Advice on add

Post: Invest in Real Estate or Stocks???

Post: looking to purchase a vacation property