All Forum Posts by: Rich Weese

You'll eventually reach a point where the income from seller financing( all ordinary income) will cause serious tax consequences. Do I understand you have financed 6 properties and haven't reached 200K in loans yet? Avg price of home? Renting the house still allows you to benefit from appreciation and tax benefits if there is value in the improvement and not just in the land..

I've had good luck advertising in the paper for lenders. I'm in a highly retired area with lots of folks with cds. It is pretty easy to convince them that loaning to me gives them a much better return.

The on hands drove me crazy!! I put together a group of handymen, at reasonable rates, and spend my time finding more properties and not doing the day to day fixup. My time has proven a better return by doing the research and analysis of properties.

Did you get your bank to loan you on ALL 6 properties? Most limit the total mortgaged properties to 4. Countrywide was allowing 10, but they discontinued the program recently. Owner financing becomes less desireable the longer you carry the note imo. I've done this a long time and bought and sold 100's of homes.