All Forum Posts by: Jim Gordon

Dirge it all depends on the way you have it set up. You could give her a down payment to give her ready cash and set up the payments so that she has a cash flow. This would give you negative cash flow but it does not sound like you are trying to buy it for an instant cash flow solution. Don't forget that the reverse mortgage will need to be paid off.

Gary you could work this out with owner financing. She sells you the home and carries the note. You in turn pay her the monthly payment and she pays you the monthly rent on the property.
If you do this you may want to get an attorney of her choice involved and an appraisal on the property as you do not want someone coming back on you for equity stripping or taking advantage of someone "old and in distress"

You could make a contract with the agent stating what you have said but a listing agreement has to be between the current owner of the home and the brokerage. The contract has to be sent to the MLS system within 3 business days in my area.

In Ohio forclosure and sheriffs sale voids all contracts on the property. This is to stop a friendly lease-- Husband owns the property and leases it to the wife for 100.00 a month for 5 years. That said the laws in Texas are unique when it comes to property rights and I would check it out with some who knows there but I imagine that the rules would be similar.

Erik MF rental is Multi Family not Mother F***** but sometimes, depending on the problems, the terms are interchangeable.

This is a bad situation to be in.

"We did not get an inspection, because my dad walked through and checked it out (he has been in construction for 30 years and owns property himself)."
Did he climb on the roof and check it out or just look from the ground?

"We just had a tenant tell us that they only replaces some of the outer section of the roof and that the middle has 4 layers."
How in the world is a tenant going to know if there are 4 layers of shingles on a roof?

"Needless to say, we need to get this figured out. I plan to call the seller and see what he says when I present this to him."
I would also ask if they have had problems with that particular tenant.

By the way I own real estate have owned real estate and will own more real estate. I can normally look at roof and tell from the shingles if a patch job was done or not. That said I am not a home inspector and hire one when I buy. Spread the liability a little bit.

There is not enough information to give an answer.

Do you need to sell or buy the property?

Lenders normally will not accept a short sale if you have other assets. They will want your tax records for the last 2 years and current bills and bank statements. I recently did a short sale and we sent the lender about 120 pages for financials for my client.

Lenders know that the best way to sell a property for the highest price in the least amount of time is to hire the services of a Realtor. There are many REO properties in my area that do not last 10 days. The rough ones that the lenders are hesitant to reduce are the ones that linger on the market.

It depends on the room and the area. I recently viewed a home that a builder has done in the area that had about 1500 sqft of nice ceramic tile on the main floor. to bad the normal for our area is hardwood and that home that started at 599k is now at 399k. What is the norm for your area? You sure don't want to be the odd ball.
That said if in your part of the state tile has a percieved value and you can put it in for just a little more than carpet go for it. Anything that can add value at a small cost is worth it.
A builder I work puts granite tile in the laundry room and halfbath, marble tile in the master and 2nd bath. His cost is the same as a good ceramic tile but it adds to the wow factor

A lot of what is starting to happen here in Ohio is in the form of consumer protection. They recently prosecuted a speculator that took over 39 properties in land trusts and subject to existing financing. He went bankrupt but all the people he "helped" were hurt. All wetre in worse shape than before he showed up on the scene.