All Forum Posts by: John Terry

I also have a significant investment with PPR after finding them here years ago. I have been with them for over 5 years. Zero missed payments. Very short seasoning period. I would love to invest more with them, but I do need diversification. I do have an investment with DLP Capital Partners. They have not missed a payment in over 2 years I have been with them. My initial investment there started off a bit rocky. It took them 3 months to get my money invested and paying monthly. This was within the fine print, but I was told by email/phone that it would be within 30days. Has been fairly smooth since. I am also looking for the best alternative to PPR.

@Patricia Taveras Thanks for the reply. I would be buying this with HELOC money. It is new so I'm a bit worried about depreciation. How has the value of your 2 held up over time? I don't necessarily need it to appreciate but I don't want the total property purchase at $109k to go to like $60k - land included.

Looking for some feedback and experience on mobile homes. I have a brand new 4br/2ba mobile under contract on 0.44 acres. In a good area. Good schools. Several New 3br/2ba stick built houses several lots down at $170k. I own 4 other 3br/2ba houses in area that rent for $1300. I expect the new mobile home to rent for $1000/mo. Price is $109k. Any watch outs with adding mobile homes to portfolio? Any experience with how mobile homes hold up to renters or how the value changes over time? What else should I consider?

@David Wandel  Thanks for the feedback. This is my line of thinking as well. It almost sounds to good to be true which is why I wanted to make sure I wasn't missing anything. How do you set up your note so there is no balloon payment? Can you give me an idea of how it is worded? Are your notes interest only? 

Thanks for the feedback @Michael Henry. My plan for financing will be interest only. If I did P&I, the payment would be more than the rent. I cant see why anyone would do that. 

I have a rental that I own free and clear. The tenant wants to buy it and owner finance it from me. I am trying to decide what I should do. Opinions wanted.

Details:

Original Purchase price $136,500 Feb 2019 (single family house, about 15 years old, original HVAC and roof)

I net about $12,137/yr renting after taking out taxes, HOA, insurance, maintenance allowance. 8.9% annual return. Single family house. Easy to rent. Had 20 applicants and 3 fully qualified tenants in 1 week.

Tenant purchase price $165,000

Cash down payment to me $24,750

$140,250 financed by me @8.5% interest only. $993/month or $11,916/year

Tenant will not sell or refinance for 5 years (can sell back to me)

Investing the $24,250 will take the net income from the owner financing above the projected annual rent.

I own 3 other rental units and I have one other owner financing deal.

The obvious benefit is not having to deal with maintenance. Obvious downside is no further appreciation or income in 5 years.

What have you done in a similar situation or would you do?

Thanks!

Richard

My experience with PeerStreet has been terrible. I highly recommend you stay away. I have 2 investments both started in 9/2018. One never paid and has been in foreclosure for months and is unresolved. The other is also in foreclosure and paid $190 on $5k over 16 months. When you approach PeeStreet for answers, they cut/paste standard responses. You only get one update per month and it is very short, not detailed and usually an excuse for a further delay. Their sense of urgency to deal with non performing investments is the absolute worst and unacceptable. They are certainly not good stewards of their customers money. There are better investments out there for 8% yield. PeerStreet is at the bottom of the list.