All Forum Posts by: Mary lou L.

If you buy it right. Every deal is different. Two of my homes are owner financed. I am going to refinance them to get a better interest rate and lower my payment. While the cash flow isn't high, I went ahead because I liked the area and the terms to get into the house were good. Not to mention the increased equity after the renovation. Each deal is different you have to decide what numbers you are comfortable with.

I was stationed at Sheppard AFB in the 90's. My first purchase was a home in Iowa Park, and I just purchased another 2 in the last 2 years. Owner finance is common, but make sure your numbers work. The home sell for very close to the assessed price, many ads Ive seen (if its relevant)  even comment that the home is under tax appraised value. The Wichita County tax appraisal site

http://www.wadtx.com/

 is where you can find the tax value and see the history of the value. If its a fixer upper it may have been downgraded in value, but you might be able to raise it by repairing. Just look at the history to see if is can be done. Taxes are higher though, My home was appraised at 43366.00 when i purchased it in 2016 , my 2016 are 1319.31 . so that adds about 110 a month just for taxes. I renovated that home so I figure it will go up in 2017 to at least 80k adding another 67 a month in taxes. The tax rate that I am charged is approx. 2.64%. (City of Iowa Park, Wichita County, Iowa Park ISD. )

Good luck and do your numbers!

 I had to share this listing...

There are pets (don't we love our pets) but this cat...well it gave me pause..lol

http://www.realtor.com/realestateandhomes-detail/212-Melrose-St_Modesto_CA_95354_M10484-95409#photo13

Thanks for the advice!  This is the sheet we give to individuals who call, after they read through the criteria and they want to proceed, they get an application. It has info such as 3 X rent, no prior evections ect.

I started using a rental criteria check list. I have modified it, but one area I just need opinions on.

There is this criteria about breaking the lease from the previous landlord,

If you are currently under lease with another landlord and will be breaking that lease (or if you have not given your required notice to vacate to your previous landlord) to rent our property, your application will be denied. If any of these actions were taken by a previous landlord this may be grounds to deny your application. If you are currently working with your landlord regarding your relocation, we will process your application. We want to ensure your prior landlord is aware of your pending move.

I added the last line about working with the landlord. How does it sound?

Should I take out the denial of breaking the lease? If the tenant is working with the landlord in breaking the lease, due to job transfer or other reason, and they are in agreement, should I even bring that up?

Thank you for your advice!

@Michael Ash Thank you!

My boyfriend got his offer accepted ( straight purchase no "fixer upper" or any TLC stuff) and he is looking for an inspector. Can you give me any reccomendations? Thank you.

I have a name for you if you need someone to start renovations.

His name is Greg Rogers. He is very honest and straightforward. He has an eye for cost and will work with you on your project.  If you need boots on the ground  he is the person to call!

Leave me a msg for his number and any questions you may have!

I had this thought as I was going through a listing. I just wanted to get everyone's opinion of how much is too much. Or not enough.

Funday Sunday question! LOL!