All Forum Posts by: Denise Holder

Hi Randy,

Thank you for your advice.  I accept it! As exciting as it would be to own part of my grandparents estate I do not want to lose money just to do it.  So far I feel like you're right about the owner financing. I've been looking into other more conventional type loans and while I could make the mortgage payment, It wouldn't make a good investment property. 

The property has been paid off for many decades and has been exquisitely maintained. I've contacted some local property managers to see if they'll work with me to figure out how much rent I could get from the place. It''s in the country and I don't know if people rent in the country? Or is that a city thing? 

I have a question. Is the 1% rule accurate?  Meaning, generally, for a property to be a wise investment you must be able to get 1% of the selling price in rent?  For me that'd be $2,200/month.  Plus I need them to pay utilities.  That's a stretch.  

Also, I wonder if I understand you correctly when you say "first and second" ?First on the house and second on the land? Or something else. 

Thank you!

Fourth generation property Erie county PA. Want to  keep in family, but do so wisely.  $220K asking I qualify 200K. Plan to rent to nephew at (?) 1200/ mo. Basement can be studio (?) 500/mo. The house and land on two deeds to be sold in one transaction, non-negotiable. House appraises at about 175K. The land is the other 45K.  This is a sudden opportunity to own part of my grandparents original 50 acre estate. My brother owns the rest.  Giant issue. I currently live in Iowa and make much less money than I used to (voluntarily, long story). Most likely, given time,  I could find a better paying job in PA qualifying for the 220. I have no debt. great credit and about 14k cash. I could get more cash but my financial investor doesn't recommend it and I don't want to give up that security anyway.   I've considered asking for owner finance until I can get established in PA. OR, I've considered asking if I get my own 200k loan can I pay them an additional 20k within 5 years. Or asking "just dont do anything for 6 months. I'll pay your rent on the place they're moving to. In the mean time I'll get re-established in PA.    Any ideas?  advice?

Hello Robert Resz,