All Forum Posts by: Kimberly H.

She's selling because her health is bad and she can no longer keep up with the property. It needs work.  

WOW.. I didn't know you can hold down a property and purchase it at a much later date.  That would be ideal.  That way I'm not dealing with a lease back and having to fix the property with no income coming in. 

Although, if I did do a lease back, I can require them to do all the repairs in the lease.  Interesting! My only concern is that they don't have the money now to fix things, so that might be a problem.  

I wonder what the lease agreement would look like. 

Thanks for responding.

Another thing... they have lived in that house all their lives.  So, it would be an emotional sale I'm sure and probably emotional when they finally have to leave.

Hello everyone!  

I need help structuring  a deal.  I own a duplex and the lady next door to me owns a duplex property free and clear.  Her dad passed away and left the house to her. She's getting older and currently lives in an assisted living facility. 

Her brother and sister live in the house.  She's interested in selling the property but admitted that it needs lots of work and her brother and sister need a place to stay for free for a period of time.  I would say 1 year.   How could I structure the deal so we all can benefit.  Obviously, I want the house.  It could be a great income producing property when they finally move. 

I'm really interested in the property and would like to maximize my portfolio and profit. 

 How can I get this done.  Your advice would be greatly appreciated.

ACH all the way - why would anyone want to chase down money. Rent box, cash, collecting checks....I want my rent payment while vacationing in the Caribbean.

Everything is going electronic.....plus erentpayment sends reminder notices, options for no partial payments and late payment options. Flexible, easy to set up and you're not tied to hunting down your money. Worth the $3 bucks...just on  saving time. I split the cost with my tenant. Money orders cost $1.00. Why not!! Lol

Another vote for erentpayment. Works like a charm!!

You guys are on point. I used excellent tools during the 1st screening process, just going to continue on that same path.

Thanks guys I completely understand.

My current tenant is a wonderful single mom, 2 adorable kids and pays on time and has had minor issues, in which I addressed timely.

I'm ready to rent the 2nd apartment. For her childrens safety is it ok for her to accompany me on final selections. I want her to feel comfortable for her family. 

@Chris Mason I was reading  http://themortgagereports.com/18653/homeready-mort...

In order to be eligible for the HomeReady™ program:

1. You must not be an owner of another residential property in the United States
2. You must agree to complete a 4-6 online homeowner counseling course

I wouldn't qualify.  I do own another residential property. :(  (sad face)

I'm gearing up to purchase another property using FHA and thankfully ran across this post. Perfect. I'm in Baltimore City, most of Baltimore City is no income limit. I like the fact that you can use rental income for the past 12 months and the PMI cancel option. Really cool. @Chris Masoncan you use this program multiple times.  Like house hacking?  

@Chris Mason Thanks for the info.  I had no idea that this existed. :)