All Forum Posts by: Drew Denham

I agree with @Rob Hayes!! I love buying Hubzu houses and the profit margin is fantastic. Keep on complaining!!

Sue Kelly Thanks Sue! Should the payee be on the lease? Is 1500 SSI enough Income to support 625 rent? Plus she said her BF makes 1200-1500 per mo.

First pass at something like this. Is it legitimate? What are the pros and cons ? I've read online that the payee should be on the lease as well. Red flags ? This is in Michigan if that makes a difference. Rent is 625 per mo ... SSI is 1500 plus the husband makes 1200 a month. Thanks all-

I just bought a house for 18K last week and I found someone who wants the home under these terms...

Rent to own for $1500 for 6 months ($800 going to the down payment for the LC) $700 per month for rent.

At 6 months, use the $4800 ($800 * 6 Months)) as a down payment for 35,000 purchase price @7% interest and a 10 year term (LC owner responsible for taxes and insurance)

Lease and land contract signed at the same time

No security deposit....

I really don't know much about Land Contracts so I'm looking for some advice (before going to my lawyer). I've literally only changed the locks at this place...

Thanks everyone.

@John Chapman

I don't know what I don't know. My dad toured the property before my tenant got the keys today and there wasn't an issue.

I get sick of people on here acting as know it alls... I just want to see if there is a cheap, efficient, safe solution to the problem... what this site is for.

Have a nice day.

@Mayank S.

Thanks - Orkin is $250.00. ... kind of pricey.

Rent on the house is $445...

She is going to by bombs her self and going to try that before she officially moves in.

New tenant has complained about large infestation of fleas... she is mentioning wanting her money back... what should I do to mitigate the issue?

Thanks @Greg H.

I get the reasoning behind all of this. There was a similar situation in the past where I lost $7K because of an FHA flip (small house, didn't support the value).

In this situation, there was a house sold last month, a block over, sold for $89,900

-100 less sq ft

-.5 less bath

- not an updated kitchen

- my house has a double lot

So why cannot my home sell for $92,000? There HAS to be a process where an owner can appeal these appraisals.

Thanks for the feedback.

Jackie Botham Sarah Lorenz Yes listed with an agent but the appraiser won't call us back!! Do you know who I can call?

Big help @Max T.... like I didn't know that already.