All Forum Posts by: Tony Karns

Jason and Joel: 

So I have already broached the topic with the owner, no numbers or anything just that If he is willing to do seller financing we could ensure he has long term retirement income. He has also walked through my now finished duplex so he is well aware what I intend to do. I am willing to work with the owner because of the proximity of his property to mine. 

The question I am trying to get answers to is should I make a formal offer of she I shoot him an email with broad terms? If I go informal how much information do I need to provide?

I recently finished a duplex in the dallas area. Going through the BRRR method and have begun looking at a new property. It's right next to mine and it is not on the market. Last year I mentioned to the owner that I was interested in buying his property. At the time he stated that the property was his retirement plan. It took some thinking on my end, but I feel I have a solution ...Seller Financing.

I reached out to the owner today to see if he had interest in such an option. He is, hesitantly. His response is that I provide him via email my full proposal.

Here is the question, what should I include? What should I exclude?

The property is in really bad shape, so I Am not sure what it will appraise for so hesitant to place a number on the offer. Should I offer a down payment? If the consensus is yes how much? Do I offer an interest rate? What terms should I offer? What format or layout should be used for offer presentation and while this may not be the most important part of getting this property,it is the first piece of evidence the owner will have from me..

So guys I have a question. I purchased a duplex in Dallas in 2017. Rehab took about 1 year. This year my property tax went from~6500 to 9300. When I went to the county appraisers office I was told that the reason the this raise was because of the price I paid for the property. It was also whispered to me that had I gotten a lesser amount on the books than what I paid this raise would not have happened.  

1) is the tax really based on the purchasing price of the property?

2) If the property was purchased below the appraised value should I still contest?

3) With remodel Complete, I want to refinance and pull out any equity; Would that expose me to another hike if the value of the property has increased significantly?

Jake, that looks awesome great Job.

@Nicholas Covington

My is 580

My wife is 720

Purchased a duplex last year and finished a full hut and remodeling February. Last week the property went under leasing contract for more than I was asking. I am now ready to refinance and pull out equity for a new deal. Here is my problem.

Last November I had to take a small financial deviation when my sister was caught in a cross fire while driving home from work and was killed. Between the cost of the funeral and the responsibilities of carrying the two boys she left behind, I fell behind a few bills. While I had caught up on most of my stuff the impact has lingering consequences. One such is that my credit score has dropped.

Would putting the property under my wife's name or company name allow us to refinance. If not what is my options. I understand that I could sit and wait for the cloud to move off, but to me that is not an option.

Thanks guys for all the response. I will let you know how this conversation goes.

Hey BP, I am about to lease my first rental property and I have 4 roommates that have applied. I have a few question about the process moving forward. (yes background checks are in the works)

Do I need 4 separate lease agreements?

Does the lease need to designate someone responsible for the rent/deposit?

Does a designee need to be assigned for Utilities?

BP investor, I have been looking at a few small(5+) to mid (30+)  units and have come across something called a Master Lease. in the present research that I have conducted, the Master lease looks like a hit run for the investor. In these few deal the original investor has little to no management or maintenance cost as the tenant  covers all of these. Any one have experience dealing with these. What should I be looking for in these deals. What concerns should I have.