All Forum Posts by: Calvin Wellington

@Nicholas L. Thanks.

@Nicholas L. The only other thing that I can add is that they fully want no ownership and are pretty hands off. The tenant plans to buy the home and said he will be taking care of all maintenance issues etc. With that said, I not really should what is left for me to manage.

@Nicholas L. My wife and brother inherited the property. They use the payment to pay down the mortgage. As far as they are concerned the home is a pain in the you know what. There is no formal arrangement and the tenant and the deal was done on a handshake.

I would like to somehow acquire the property and utilize it as the true investment that it is.

@Nicholas L. Currently I don't have the cash to buy the property.

@Nicholas L. Thanks for the response. Neither my wife or her brother want to be landlords.

I have a possible deal. My wife and her brother own a property and neither desire to be landlords. They currently have a tenant in the property that is paying $500/month. The tenant wants to buy the property and has until July to do so. If not, the rent will increase to $650. They owe 36k and want to sell for 50k. A realtor and her investor, husband said it needs about 20k in repairs.

I don't know if the tenant will be able to get a traditional loan as it may not pass the inspection requirements. If this happens, I'm interested in purchasing the property and I'm looking for feedback on what type of financing/strategies I can use to buy it?

Last appraisal was 58k in 2015.

Thanks in advance.

Calvin Wellington

@Mindy Jensen Thanks!

@Nate Anderson Hi Nate! I am a native of Indianapolis and still reside in the city. I am happy to assist you however I can. How can I help?

After confirming with your local laws, if you are permitted to require it, I would also require to be added as an additional interest on the policy.  Being an additional interest would also keep you in the loop if the policy is cancelled.

Thank you both!