All Forum Posts by: Eileen Murray

@Robert Hinojosa - no owner financing at this time- 

I don't know about DSS- but I'd definitely be careful about not accepting SSI- it's a valid income and if it meets your income standard, no reason not to accept- could get accused of discriminating against the elderly.  If it's SSD, maybe you can find out if it's a temporary or permanent award. Again, proceed with caution because now there's a disability. If you have a minimum income requirement that's been applied consistently for all applicants, you should be in good shape. 

@Brent Coombs- foreclosure sounds like a complicated bit of business. Thanks for putting that in perspective. Maybe worth it for a more expensive property, but I can certainly see legal fees killing a deposit profit if I had to foreclose. 

@Account Closed- what happens at the end of the term? Balloon payment? I like the idea of the buyer paying the legal fees. 

Thank you all for the adviCe

wrong zip code- should be 14895. Sorry. 

Cute property for Buy/hold investment- Or handyman flip. Rents in area typically $600-900.  

Taxes:

School-$517

Village-$663

County- $447

Upgrades include:

New Hot water heater

New Envi Radiant Electric hardwired heaters in each room (electric rates are very low in Wellsville) to keep gas costs down. 

New bath vanity/faucet

New kitchen cabinets and open shelving

New electric stove

New floors in kitchen and laundry area

New laundry hookups in cottage (additional hookups in basement if preferred to use interior laundry area for storage) 

Features- rocking chair porch, large back deck, basement garage, friendly safe neighborhood. 

This property is perfect for the investor/handyman. If you can DIY- may make a nice flip. 

Needs: 

Roof within next year 

Windows (7) $172 at Home Depot

Wood Floors are fine but would look amazing refinished. 

Thank you @Patrice Penda

Looks like it’s not compatible with my iPhone. I don’t get any of those icons. Thank you for your help. I’ll try from my iPad. 

8 months ago I purchased a cottage for my daughter to live in with her pitbull (sweety) while she started a new job three hours away- no apartments would take a pitty. The expectation was she’d live in it for two years and transfer back. She fell in love with the area and just bought a great house. So- now I want to sell. Too new to want to long distance landlord.

I paid 20k for the place and it cost about 2k to close. My daughter and I spent about 4K on cosmetic improvements- it’s really cute and cozy inside now. 

However, the place will need a roof within a year or so, it needs all (7) windows replaced (will have to be reframed as the windows are all wonky) and the foundation is sagging. 

I listed it for 28,900 and just got an email offering 7k down and monthly payments “until it’s paid off”. 

I was already considering doing a lease option if the place didn’t sell by the fall. But owner financing is a complete unknown to me. 

I know Dodd-Frank is a deterrent but I don’t quite understand that law. 

Any advice- pros and cons, how to structure, experience anyone has would be greatly appreciated!!

Did a search and any how-to post picture answers don’t seem to be current.  Want to add to a forum post. 

Thanks

Thank you for the tips. I agree that the problem is likely to be correlated with demand. Our first REI will close in about a week and it remains to be seen how in demand nice spacious apartments will be. Fingers crossed.

@Jacob A.- Looks like a great system. I’m curious though, do you know if they accept partial payments? As a landlord, I wouldn’t want my tenants to have that option.