All Forum Posts by: Lawson Ott

On the best luckiest day, the duplex may go for 35k. But current market in the area would put an easy still at 10k-20k depending. It's a weird market here. 350 is PITI.

 which thing are you referring to?

 some cheap pergo maybe. yeah.

don't think i can get the credit card. i'm willing to put up the first house as collateral.

so the 1st house i got in the name of my LLC and it has clear title now, and i'm looking at a money making duplex. i paid 10k for the 1st one, and it could appraise for about 40k. i'm living in it so i could save money by not renting an apartment anymore. the duplex's seller owes 20k and will sell for what he owes (all cash or 1500 down and ~350/mo. and it needs less than 5k worth of carpet, paint and maybe appliances. i know i could rent it for 325 on one side and 375 on the other. making 700/mo. and after 5 years it all profit (in theory). but i am on a limited income. and i need to borrow $2500 to give the down payment and at least put the new carpet in. i already have people calling wanting to rent it. is there any lenders out there (on here, or any you know of that lend to Indiana residents/businesses) that would lend such a small amount? based on the deal? in the business's name? (personal credit sucks. was 490 last year, until i started taking action and now closer to 600, will continue to improve it, but can't wait that long, or i miss out on this deal.)

so i'm talking with a seller who is the only name listed on the property and yet he's going through a divorce. her name is nowhere. but some state have some built in protection for spouses.

i am in Indiana, does anyone know whether she has any right to the property?
must i get her to quit-claim deed her (0% share) so that i can buy from him?

@Eddie T. thanks for that interesting idea, and i'll add that to my arsenal.

I am in Indiana, as some of you may know. As far as I can tell, it is not possible to offer rent credits on a Rent - To - Own house and still cover my assets should the buyer act a fool.

creative mind that i am, i am wondering about doing a lease-option so that:
if i rent it to them with the understanding that for every "ON TIME" rent payment, i will mail them a receipt and COUPON for $XXX.xx off the purchase price when (if ever) they decide to buy.

what do you guys think? is this a good idea? or would the law interpret it as rent credits? 

tiny village in ohio:

seller wants 20k. told him can't do that much, afraid market won't bring it. would be  much lower. but i still put some feelers out and suggested 35k price. someone messaged me saying they want it for 20k cash. i don't have any contracts in place yet. 

thinking maybe these guys might know each other since this is a small area and they might be trying to toy with me. 

but if the buyer is legit, i want him to put the $20k in escrow until i can do a double closing. 

if all goes good, i might need transactional funding but those fees... that's a big chunk of the money.

i just don't want to be stuck owning the property if these guys are playing me.

what would you seasoned folks do in this situation?

ok, so i did a BP forum search of these two subjects (combined and separately. i've read over 20 pages of results (countless pages of actual text). i've learned some new stuff. but, the one thing i can't seem to find is "what to tell sellers about the potential of triggering the DOS by doing a ST"... anyone have a script that doesn't look shady? i want to give full disclosure to them.

if it matters, here's the deal:

small duplex, out of town owner, he owes 20k, they are asking 18k but are willing to accept far less (but the wife isn't supposed to know he said that, lol) it's in his name only anyway.

unfortunately, the only recent sales in that neighborhood are <$10k for same sq footage/bed/baths. and i'm sure if i offered them 8k, they'd take it, but that would leave them having to come up with 12k to pay off the loan.

i'd be happy to pay 20k over 5-6 years... i mean have tenants pay off the loan in 5-6 years, then free and clear pure cash flow. this would allow owner to get out from under this upside down deal without paying another cent.