All Forum Posts by: Justin Dixon

@Andrew S. you right I do have info knowing that she could not just go out and rent another place. But real estate is a grey world not black and white. I could just as easily turn the place into a section 8 property and the government paid me fair market rent and still allow her to live there decreasing her rent to around $20-$40. While still giving the house a cosmetic makeover. And before you ask yes she is a person who does qualify for section 8 housing and yes I know this because I went down to the section 8 department in my area, and know for a fact she been on their waiting list for 10 months. Not knocking on your way of thinking but if you were in that position and I came long about to buy the home you live in knowing that the seller will kick you out leaving you homeless I would have spent the same amount of time and energy trying to figure out how to help you in that situation as well. Even if you didn't qualify for section 8 I know other low rental landlords that have not problem working with tenants who out just down and out of their lucky at the moment. There's always a way. Just got to be consistent of to stick with the problem. Just looking at BP here where there are tons of people who are willing to help you find the solution to your problem. 

@Matthew Whelan  Two way (50/50) Flip

- Partner 1 provides all capital for buying/rehabbing at prime + 5 (say 9% flat, no points)
- Partner 2 does everything else, identifies property, manages rehab, flips property
- After project done each partner gets 50% of profit

@Andrew S. did you miss the part where the tenant is my birth mother (I was adopted) and no amount money will make it ok to make someone homeless even if she wasn't related to me. No in the business of making the world a worst place then it already is, just trying to do my part to make it a little better. 

@Elizabeth Colegrove the seller notified me that she going to kick her out regardless if I buy the property or not she said she hates landlording and since she already paying its mortgage she will just kick her out anyway and just have a vacant property. I am trying to figure out a way to do owner financing deal, and then allow the current tenant my birth mother to still live there and I am thinking while she there I could fix it up and maybe able to refinance the loan and take my money out and just the money I take out to put her in a another property where he rent will be way lower then it is now. Thoughts?

@Uriah D. I ran the numbers throught BP rental calculator as well and I know her asking price and balance on her loan as well as her currently monthly payments. Would it be ok if I pm you because I feel like you could better answer my questions if you could see the numbers. And I know BP wont let you post the numbers to so investments I guess. 

@Kevin Fontleroy Would it be ok If I sent you a pm and show you the numbers I have figured out to see what you think?

@Kevin Fontleroy I have talked to her and she would like to have payments but she just wants to no longer be a landlord which is why I figured owner financing would be a great option. But your saying I would need to talk to a real estate attorney about doing owner financing? I just trying to see what a owner financing deal will look like so I can figure out how to example this to her so she can she the benefits of it all.  

@Kevin Fontleroy I am a buy and hold investor so I am trying to get it to cash flow and rent it back out. 

@Account Closed how would I go about setting that up tho? This would be my first time trying to get owner financing. Sorry if my ignorance is showing. 

Hello BP family.

I need a little bit of insight from you all. I have a motivated seller looking to sell me her home but she has a mortgage on it, but she real wants to get rid of this property. I haven't even told her for sure I could buy it and I found out she has already told her tenant(a tenant who hasn't paid her rent for the past 4 months) to start looking for a new place to live. I just wondering if should or even can set up either owner financing, lease option, or try to eve assume the loan (her month payments are pretty low). Or if there are another way I can go about this all?!? Any and All help would be greatly appreciated.