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Posted over 9 years ago

Today a stranger approached me on the street ... and I didn't mind!

I was over at one of my rental properties today talking to a contractor about a plumbing problem.  (Ugh, I hate plumbing issues ... plumbing is my #1 enemy! But that's a post for another day!)

So I was getting in my car, ready to leave, when the guy across the street stops me and asks me if I have any houses for sale.  I tell him that I only rent out houses, not sell them, and I don't even have any four bedroom houses right now to rent let alone sell.

So then he tells me that he and his wife would like to buy a house, have around $5,000 saved up, but because he's self-employed, he found it hard to get a mortgage loan.  He wondered if I heard about land contracts and rent-to-own.

I start talking about the difference between land contracts and rent-to-own and what each of them mean.  Then I start talking about things like 203k loans for rehab and about how you can buy a duplex and "hack" your housing to live for free or close to free, and about looking to smaller banks and credit unions.  We talk about why it might be better to get a 30-year mortgage over a 10 or 15 year mortgage even if you can afford the shorter term.

He and I wind up talking for about 45 minutes about real estate and different things he can do to buy a house.  He had taken out his smart phone and was taking some notes, and at the end of the conversation I gave him one of my cards in case he had other questions.  He told me he appreciated my time and that I gave him a lot of good information.

It feels good to be able to share some of the knowledge I learned from Bigger Pockets and other sources!



Comments (3)

  1. this is classy! :) 


  2. Very classy Dawn.  It's good to pay it forward.


  3. That was so nice, Dawn!  :)