All Forum Posts by: Quinn Jackson

There is a 1200 sf commercial building for sale for 50k.  It's not in a great neighborhood, it was previously a chiropractors office.  The price is good though, I'm wondering if it would make sense to buy and turn into a duplex, or even 3 studios?  Anyone have experience with that, I know from a city planner that it's zoned for 2 or 3plex already.  I don't know how to go about changing to 3 addresses, how to address utilities, heating and any other requirements (e.g. 2 doors per dwelling or 1?).  Any help you could offer would be great.  I think a studio would get 450-500 a month, a duplex, maybe $675

@Arlan Potter I have a policy as a rental, so it's 250% more expensive as a rental, than when I lived in this home.  They have good income, no judgments or liens and a credit score in the low 600s.  The house is manufactured, my lender thinks she may be able to finance them, which would alleviate all of this and would be my preference.  

@Arlan Potter, Thank you, I will be carrying their mortgage.  If we did a promissory note and a handshake, do you know how would the house insurance my lender requires work?  They have no attorney and trust me.  I just want to make this fair for both of us.  

@Andy Mirza, thanks for your input, that makes sense.

I've had tenants for 3 years on a lease option of my property.  They've paid 5k up front and have made all rent payments.  We're to the point of exercising the option now, but the title company wants a letter from my bank (I still have a mortgage), stating that they're ok with this wrap.  The bank is not too cooperative in this and ultimately may not provide that letter.  

Question is, I'm on good terms with the renters, is there a way to sell this on more of a handshake/privately recorded contract that would work out?  I owe about 42k @ 5% on the house for 6 more years, sales price/terms are 90k, 15 years @ 6%.  A title search and credit reports have been pulled, there are no judgments or liens.  Thanks for your help.

I have a house that I'm about to sell on contract for 82k to a couple that has leased for over 2 years and put down a total of $7,900 (total price was set at $89,900).  The note is for 15 years @ 6.1%, and the house is valued around 110k (obviously gone up since we originally set the option in 2015).  What do you think someone would pay for a note like this?  Renters have stable longer term jobs and have had a good history, though not excellent credit (around low 6s) but no judgments.  I'd really rather cash out and use the cash for other opportunities.  Thanks

Is there some type of PDF or template that you use as a checklist when looking at potential properties to flip or use as a rental?