All Forum Posts by: Kara Johnson

Thanks Ellis your right we were stuck In a box! We'll work the deal for with longer terms and lower price, all they can do is say no, right!

Again,

Thanks all for the great advice

Thanks @jonholdman

But majority of other posts regarding seller fianancing says don't extend terms more than 7yrs. Payments vs. rental income doesn't present a positive cash flow using 6-7% interest using anything under 6 years. Is it common for sellers to accept longer terms? Do you suggest 20% down?

Thanks again

Pro's...

We are buying what maybe our 3rd double out of state, but I can't make owner financing work for me?? The owners are "motivated" and asking $59k for one/gross rents $900. 2nd double asking $79k gross rents $1100. First, I think they asking too much for them so we would offer $5k less on both.

We don't want to refi we would like to use this a permanent financing if possible. No mortgage is currently being held on either duplex.

Any suggestions, are welcome...

Thanks

Thanks for the advice...Looks like an attonery is needed!!! I will start looking now!!

Again, thanks for the input. It's always appreciated

Kara

Question for all you land contract/seller finance pros... Looking to move forward with our first land contract in ohio.

Does anyone have a sample contract? What should I be aware of? I have read many past posts and I think the general opinion is - no attonery needed.

How does the buyer protect their interest in the transaction knowing title stays in original owners name? We have agreed to all the terms, I jut want to make sure there is no issues with insurance, taxes and taking over title when it paid in 2 years.

Thanks for the help!!

Kara

Thanks for advice guys it's always helpful to see how others are doing things - are plan is to have 6 months mortgage in our "holding tank" then dispurse money accordingly. Sounds like we are on the right track.

My apologies if this has been asked a million times. I searched the forum but couldn't find a relevant thread.

My question is for the the buy-and-holds. What do you do with your rental income? IE; how much of a reserve do you keep in your rental account?

We have had a few people approach us to partner so considering the option changes our entire thought process since we were going to keep all our income to reinvest. But one of the individuals is retiring next year and would like to supplement lost income.

Thanks!

Thanks all so much for the input and advise! Jon thanks again! Unfortunately, here in Southern California saving paychecks for a multi-family 20% down is difficult. This subject has made us think about maybe considering looking outside our immediate "home area"??? So much to think about

Again, can't thank-you enough.

Thank you everyone for the input. Of course all the math and logic makes sense!

BP Pros,

Question for everyone that has been there, done that... I'm hoping maybe I can learn from your mistakes and/or gains!

We have 100K - 120K equity in our primary residence. Coming up with a down for a multi-unit on our own seems impossible...

Any advice? We obviously would love to pay our home off one day, but we also would like to move forward financially. Is this too risky???

Thanks