All Forum Posts by: Nick Flint

@Ashton’s Krom

Congrats on the baby and wedding! Have you checked out the BP money podcast, they have tons of specific episodes to help you cut back on certain areas and save money. Have you thought about talking with your fiancé about ways to save money on the wedding, maybe getting that 6k down to 3-4 by weighing your options. Explain how cutting back on some things will help set you up for future financial independence.

@Danielle Clarke

Let a property management company handle everything. You owe it to the tenants to be able to handle any issues that arise and that’ll be difficult for out of state. Or an alternative, check the AirBnB’s down there and do some messaging. Often those are run by an individual who’s a local, and maybe you can work something out with them.

Good luck! Hopefully you’re getting the property for a steal since they were hit pretty hard by Irma last year

@Taylor Burns

How many rooms are in the townhome? I think this will depend on if you’re renting to a family, group of friends, or random people living with each other. If the family is renting the townhome and using the basement for storage/laundry, then it shouldn’t effect the price.

@Tracey L. Williams

Hey Tracey, whatever you decide to do make sure it’s both of your decision together. Not one person trying to convince the other to “join their side”. That will avoid any “I told you so” down the road, and make it more of a team effort. People will often rent out their primary residence and move into a new home. Check the rents in your area, and see if that’s an option for you. If you can rent out your current home for $1,500 and get a mortgage for $1,100-$1,200 you’re suddenly making an extra $300/month while paying off both properties!

Hey BP family!

I’m checking out a condo this weekend and here’s the quick overview.

1- How’s this deal look, anything jump out?

Owner financed 2/2 condo

78k asking price

15% down: $11,700

15 year repayment

4.71% interest

$514/month payments

Should rent for around 900-1000

2- He’s asking I pay for a lawyer to write up the paperwork, that should be around 200-400 correct? Any buyer friendly terms I should add in, or does anyone have recommendation on how to go about this?

3- Any other things to look for/do when it’s owner financed?

Thanks in advance!