All Forum Posts by: Michael R.

Also these are in Rochester NY. The appreciation is not all that great but cash flow seems pretty good. I do not plan on selling anytime soon, mostly looking for cash flow now.

Wow quick replys. The one I bought for 29k, others on the same street are listed at 42-50k and selling to owner occupants at that price. The 25k one, I feel I could get 33-35k for as properties in the area that are going for 25k are in real bad shape. I do have a line of credit I just got for 20k, I could touch that if possable, however I want to see if I could get something with as little cash as I can. Was hoping he would do a L/O with maybe 1k down, seems motivated house is vacant and he has called me a few times. House is in great shape, needs nothing, area seems to be turning around. I am trying to play like I dont really want it though, and hopefully he will want to deal.
Thanks for the comments. Wanted to make sure I was on the right track with things. Did not want to get over my head to fast.

These are 2 properties I purchased recently. Tell me what you think.

#1 Single Family, 25k, 6k down, 30yr owner financed note
Piti- 328
Rents- 650
Maintenance 100/mo
Water 30/mo
Trash inc. in tax
Tenants pay utilitys
Has new roof and bolier installed 1 week prior to purchase

#2 Single Family Purchased at 29k 4k Down 30yr Owner Financed Note
Rents 805
PITI 427
Maintenance 100/mo
Water 30
Trash in taxes
Utilitys tenant pays
Has a garage I am thinking about cleaning up and seeing if I can rent out for additional income.

Both houses needed some work mostly interior painting which I am currently doing myself.

Looking at a new property thinking about trying to do a L/o I do not want to put any money down.
Any opinions on how the following would work out?

Asking 25k Offering 20k.
5 yr L/O
Ins 300/yr
Tax 1600/yr
= 158/mo

Going to have seller pay taxes and insurance

My expenses will be
70/mo maintance
70/mo management
100/mo profit
=240

So I am figuring 158/mo ( his costs) + 240/mo ( my costs) = 398
This leaves 202/mo to make as payment

He says it was last rented for 600 and I am basing my offer off this figure even though I know I can get at least 650.

He will hold paper on the house for max 10yrs, however he wants 4k down, and right now I do not want to do that. I was thinking maybe I can even do a L/O for a year to apply as the down pmt then roll that into financing provided by him for the balence. This way for the first year he will have the security of still holding clear title.

Any opinions are appreciated, and I look forward to any suggestions.
Thanks!
:mrgreen: :mrgreen:

How do people here handle sec. deposits? NY requires me to put them in a seperate interest bearing account in the tenants name. Is the account just a regular savings account or something different? I was thinking about going with a saving from ING. Can link bank accounts and add new ones online. Any Insight?

I have recently done some advertising and came upon a few sellers that have 20 - 40 properties each, looking to retire and will owner finance properties they have for me. While I would like to purchase as many as possible, my funds are limited and I was thinking maybe I could wholessale a few to raise capital to reinvest. How would this work? I am thinking I could sign the contract, then find a purchaser who would then pay the 10% down and also me assignment fee. The properties are below market value, fully rented in good condition. I am thinking this is not the typical wholesale deal, as the seller is financing, and that may be a good selling tool. If I can not find a buyer then I would just go though with the purchase, so my contract with the seller would be pretty soild with no contingencys. Has anyone done this before? :idea:

Thanks for the reply Wheatie. The owner wants me to refinance the loan and get paid off within 5 years. If I refinance does this count against me? Also in regards to a subject to , do we just make a contract and I just pay him as due on that contract, or do I need to get a title search, and get the title transfered to me with the seller as the leinholder?

I started out looking for investment properties that the owner will finance. I have found a few properties that the owner will allow an me to assume the mortgage, I will give a down payment, and they will owner finance the remaining balance. I have a few questions,
-Will the lender call the loan due? I have read a lot of conflicting info on this. What could I do to minimize some of my risk?
-Will this type of loan show up on my credit report?
- If I refi after 5 years will this affect my ability to get future loans?
Thanks for all the help as always

Thanks for the quick reply. Any idea where I can find a List Broker? I cant seem to locate what I am looking for with google. Also, is it possible to purchase w/ owner financing though a RE agent? If so how would that work? I am guessing that I would have to give a large down payment to cover the agents fees. Thanks for the help

How do you all find homes that the owner will finance? I have run a few ads looign for homes and have called on for sale ads but the majority of owners will not finance, or will only finance for 5 yrs tops. I do have some cash on hand (20k) but I am in no rush to purchase and I want to do so using as little of my funds as possiable. I could get a convential loan, but I prefer to find owner financed homes if possiable. Thanks

I found about 30 vacent homes in my area, I made a list and went to the assessors office to look up the owners on the computer. A lot of the homes did not have any information about them in the computer, or I just got the name of the owner with the address being the one for the empty house. The people working there were very busy with a long line of people complaining about their taxes and could not really help. I did meet a women though who was trying to sell her rental that had a problem tenant and just wanted it gone :D My question is how can I find the current address for the owners? I tried searching on google for just the name of the owner but recieved to many hits. Thanks