All Forum Posts by: Rivy S.

@Marc Winter 

It is not an interest only loan, it would be a regular mortgage amortized over 30 years.  People who can't get loans for a bank understand (at least from what I've been told!) that they are going to have to cough up more in interest.  The motivation for paying equal/more in mortgage than in rent is that they will eventually own the house...

@Elenis Camargo The reason I'm aiming to scale with wraps is because the reserves needed to responsibly maintain a long term hold, combined with the headache of managing, make it not compatible with my goals.  With my rentals, after withholding (very conservative) reserves, I am only clearing about 150/unit/month in true cashflow.  At that rate, I need about 70 units to retire.  That is not happening anytime soon.

With a wrap, the burden of managing, as well as the need to reserves goes away, and the cashflow can be about  600/unit.  That is much more realistic for my situation, even though I know that I will lose many of the advantages of real estate investing (Appreciation being the biggest)

@Elenis Camargo  There has been some interest (not a ton), but nobody has come through yet.  

I don't think the terms are such that an investor would be interested in.  The terms I am asking for is 10-20% down, 10-12% interest (depending on down payment), 30 year loan.  Buyers need to provide proof of funds for down payment and 3X payment of monthly income to view the house.  

From the information I gathered from multiple sources, these are fairly standard owner finance terms for home buyers in the area.  I'd be glad to be corrected if I'm way off base though. 

I bought and remodeled a property in Arlington TX a few months ago, and my plan was to do a wrap.  The remodel was pretty basic, but it presents pretty well.  Now I'm trying to sell with an owner finance.  I was under the impression that there's a large audience of people who can't qualify for conventional loans but want to buy houses, and owner finance buyers are less picky about cosmetics and things.  I'm using a realtor who says she has experience with owner finances, but I haven't used her previously.  I don't think I'm pricing too high (asking 172k) 

Here's a link to the house: https://www.redfin.com/TX/Arlington/3405-Chesapeak...

So can anyone who has experience with owner finances give me some pointers on what I can do to help this sell? Are there other avenues for targeting specific demographics that I should be utilizing?  I really don't want to put a tenant in and hold it, but I will if I have to. 

Thanks in advance!

I have a rental property here in DFW that had sewer backups several times in a row about 6 months ago.  I had a plumber camera the line and it was completely corroded (this was 2 months after I bought it).  I coughed up 14k to replace the entire sewer line. Since the day that the replacement was done, the tenant says there's one spot in the tile that is constantly wet, as well as an area on the outside of the  house.  So it sounds to me like the plumbers who replaced the sewer line damaged the fresh water line.  Is that even possible? If so, can I make them fix it? Or am I going to have to tunnel under the house again, and spend another 14k fixing this??

@Ryan Blake thanks for the pointer.  

@Account Closed this much be a much smaller job than you had done, my bids were 500 or less

@Account Closed Thanks.  Any idea what a normal price range would be? It's two areas, each one about 3 feet long that need to be repaired.  

Hi, 

Can anyone recommend someone who can tuckpoint two spots on a brick house for me? Do I need a masonry person or just a general handyman? 

@Account Closed did you have luck with Citi? I just had the exact same conversation with them, and he wasn't able to give me any guidance on where this guidline was coming from so I could do research... Couldn't say if it was a bank guideline, a Fannie Mae guideline, or a state of Texas law.  Just said if I don't have a homestead in Texas (I own a primary here, but won't be able to be classified as a homestead until next year), you can't pull cash out of an investment property here. 

I would advise you to stay far away from Morris Invest, just search them on the site to see the trouble others are having with them. If you bought a house with them in Detroit (I didn't know they operated in Detroit) I would visit to see if renovations have even begun.  Based on other stories, I would suspect not. If not, find a new manager ASAP.