All Forum Posts by: Account Closed

The best actual information you can ever get is what is going on in the real world. Start digging deep. What are house values doing, how much are they selling for, what are the tax values compared to actual sales value, etc. and how has this information changed over time? How many people in a given area own vs rent? Is it a good neighborhood or a bad one? You have to research this information deep deep in some county website late at night for years on end before you really get a good feel for it.

Most "ebooks" aren't worth the "epaper" they're printed on. The people writing these obviously have hours and hours and hours of free time to write and promote this crap, that means they aren't actually out there DOING IT. If their "programs" worked like they claim they do, surely they would invest their time in that, and not hawking ebooks, right?

"Those that can, do. Those that can't, teach".

There is no possible benefit to the owner to do more than 1 or 2 years, EVER! As others have said...a lease is not going to keep a tenant in place. It's just a piece of paper - a piece of paper they likely have not thoroughly read and couldn't understand if they did.

What advantage could you have by making it 3-4-5-6-27 years long? If they want to stay after 2 years keep at it one year at a time. If they still like you, and you still like them, no problem. If they hate you or the property, or you hate them, a piece of paper will do nothing to solve that problem. I can't possibly understand why you would give somebody a discount for a multi year lease - rent goes up yearly, that's called inflation.

Additionally, both you and they do not know what their life circumstances will be in 3+ years. What income will they be making? Where will they want to live? Do they have a new boyfriend/girlfriend? Again, this lease will not even be a thought when the tenant is reevaluating whether they want to stay or not 3 years later.

Month to month leases are just as ignorant. If a tenant likes your house, they want to feel comfortable that they won't have to move for at least a year, and most leases give the option to renew if you haven't broken any rules. This makes them comfortable that they will be able to stay in your house as long as they want to so long as they follow the rules. A tenant on a month to month knows their landlord can get rid of them on a whim, with very little notice, and they don't like that. It only advantages the landlord and tenants aren't so stupid they don't know this. People who want to be comfortable in not moving their home again anytime soon will not choose yours.

Month to month again doesn't advantage the landlord much either. If they haven't done anything wrong, then why do you need to get rid of them in a hurry? If they have done something wrong, then it should be straight forward getting rid of them for breach of contract. Sounds more like an overly nit picky/slumlord type landlord strategy to me.

1 or 2 years is enough time for a new tenant to get comfortable in a house, to make it their "home", and decide whether it's time to move again at the end of their term. 30 days is not enough time to decide this, it's not enough time to get to know your tenants, and it's generally not enough for them to find another place if they have to be out within 30 days. Basically don't act like a king on his throne and tenants won't treat you like that. (And when I say that, I mean they will do the opposite of treating you like a king. Don't give them reasons to hate you from day 1!)

Nothing is hard to rent if you price it right. The only question is "can I get a good rate with 1 bathroom?". Also, a 3/1 gives you a great opportunity to add on and make a 3/2 and gain a ton of equity.

 Nobody in a million years would touch this property for a down payment on anything. It's not enough to bother with. Banks are not interested in undeveloped property with no buildings. Even if it was larger most banks wouldn't touch it with a 10 foot pole...and that is why I would consider owner financing, the same would be true for any other buyer. Basically if they don't have the cash outright, they can't buy it - unless I do the financing. Doing owner financing would open it up to a lot more buyers.

 If I did that, a certain ignorant moderator here would just delete the post. I'm not trying to use this site to find a buyer. I am fully aware of the interest level in this property...this is not a big website for marketing real estate. It's already listed with the big boys in the game.

You don't need the "details" to discuss owner financing. How does it normally work? Yes, everything is negotiable, but that doesn't mean there aren't normal standards that could be followed. What is the normal down payment percentage? 10%? 20% more? What is a standard payment term? 10 years? 20 years? 30 years? What is a normal interest rate?

And the biggest question of all, if they stop paying, how hard is it to recover my property? I've searched and searched for this answer and find nothing on the subject, it's all about evicting tenants.

Reposting because somebody doesn't know the difference between a question and an advertisement. I shouldn't have to say this, but THIS IS A QUESTION, I am NOT POSTING ANYTHING FOR SALE! Note I am purposely omitting the location, total acreage, and total cost. 

I have a few acres of land in North Carolina I would like to get rid of. It's not worth much, because it's in a bad neighborhood. I would take a few grand less than tax value. I've been thinking about offering owner financing on this land, but not sure what kind of terms are reasonable? Are there any sort of standards for seller financing? How much should I ask for a down payment? How many years should the term be? Do I charge interest? How hard is it to foreclose if they stop paying?

I'd prefer a cash buyer or otherwise fully financed, obviously, but it's not a very desirable site so it would be easier for some people to buy in this lower income area if I could do the financing. I feel like if I could get 20% down and maybe a 10 year term I'd be happy to get rid of it. Is that reasonable? Bad idea?