All Forum Posts by: Jason Morris

@jason

@Jason Scavilla I'm closing on my 3rd property next week and am struggling with the exact issue.  I'm leaning towards opening a new account for the new place, but again - that means another checking account to keep track of.  What did you end of up doing? How has it worked out?

@Terrell GarrenI'm exploring using month-to-month leases. One of my properties is in FL, and anything less than 6 months lease, must be charged sales tax, so I won't do it there.  I just bought a property in KY, and have a good 1 year lease I was planning on using.  In what ways does a lease fundamentally change if it's month-to-month?  Do you charge a full months rent for security deposit? 

Thank you @Tyler Mutch - right now I'm thinking of putting the breaks on this deal as it will put on pinch on available cash as I'm rehabbing another rental atm.  This new property will require some work immediately, and I don't want to stretch myself too thin, though I was trying like heck to find a way to make it work.  At least this is my current thinking, though I'll continue to evaluate.

@Tyler Mutch I'll be closing on 1 property within a week or so using traditional financing, and need to put a little of my own $ into it to get it to my standards.  My goal is with either route is to give me a bit more time to get finances better aligned before seeking traditional financing.  I'd prefer at least a 2 year balloon option, but the seller cannot do this (health concerns), so that's giving me hesitation - I like to mitigate as much risk as possible.

I found a good FSBO where the owner is willing to finance it for a very short time, 1 year or less. A lease option maybe another option he would consider. The property needs about 15k invested to get it up to my standards, then I intend to hold it and rent for a long time. I've worked out 2 options for this:

1. a 30 year fixed mortgage with a 1 year balloon payment
2. a lease option (have not decided what the terms might be here to approach the seller)

I'd be hesitant to lease option and do any sort of work on the house, but that does allow the flexibility for me to opt out if I need to.  If I owner finance, that locks me in.  I'm new into investing, I have 1 property and am closing on a second soon (which is why I can't close on another right away, and this option works for me).  Any suggestions/thoughts are welcome.