All Forum Posts by: Brent Austin

If I recall, interest rates were when this home was purchased was around 6% to 8%. On a 20 year loan this should be about half way paid off.

If this is true you could probably refinance and cut your interest rate in half, move into a 30 year loan and increase your cash flow greatly.

It really depends on your goals with this one and more info on the current loan would be needed to better assess the different options available to you.

What is the current interest rate on the loan?

What is the balance on the mortgage?

What is the current value on the home?

If you are opposed to landlording, for 10% of the rent you can hire a property manager.

I have an idea that I would like to run by the community.

I have a SFH that I would like to sell. The current renter is interested in purchasing but she has no savings.

Here is my possible solution:

She qualifies as a first time home buyer.

What if I lend her the 3.5% down payment with the agreement that I would retain 10% ownership via the title?

Then, when the loan is refinanced or the house is sold, I would receive my 10% equity.

Great idea, I will absolutely do that.

I am looking for a multifamily to move the equity to.

Thanks again Steve 

Thanks Steve,

What did you have in mind?

9 years or so ago my wife and I were qualified for bankruptcy. If it wasn't for finding the Dave Ramsey program we would have lost everything. However, shortly after we found Robert Kirosaki's books. Between finding them both at the right times, and God we now have 6 renters and am in the market for our first multi family property. If you've gone through the Dave Ramsey's program and are interested in real estate. I highly recommend making your next read Robert Kirosaki's book Rich Dad Poor Dad. It has completely transformed our lives.

I recently had a renter vacate a unit. The daughter graffitied "Jesus saves" all over the bedroom. #oxymoron

I have three units where the owners ran into hard times and were about to send the keys to the bank and walk away. At the time there was no equity in these properties and the owners felt like they had nothing to loose. I made the deal with them that looks like this: I will take over paying the mortgage and save their credit. In return, they forfeit any monthly earnings and when the home is sold any equity will go to me. To minimize my risk, they added my name on to the deed. Currently I am preparing to sell one of these for a profit of $35k minus the realtor fees. I had this one for four and a half years.

Originally posted by @Nick Thurston:

No one huh?

Next time I'll schedule an event over adult beverages, maybe that will draw more attention? Who's in?

 I just found this community. So bummed that I missed it. I'm looking forward to the next one.