All Forum Posts by: Mark Betche
Mark Betche has started 8 posts and replied 37 times.
Post: owner financing precautions?
- Real Estate Investor
- Tulsa, OK
- Posts 37
- Votes 0
Clean owner financing occurs when the owner has clear deed to the property.
What are the precautions to owner financing when the owner still has a mortgage on the property?
Post: How buy a FSBO??
- Real Estate Investor
- Tulsa, OK
- Posts 37
- Votes 0
I would not fear buying FSBO. While writing up your contract, just make sure you include any contingencies like inspections etc. Always buy title insurance.
It's not necessary for agents and lawyers to get their hands in the pie.
Post: Owner financing & taxes??
- Real Estate Investor
- Tulsa, OK
- Posts 37
- Votes 0
I've read that having him owner finance is an option to spread out the tax liability while earning interest income.
He would only pay capital gains on the principle recieved and regular income tax on the interest income.
Has he said why he is selling the property? He could do a 1031 exchange if he is relocating.
I am not 100% sure of this, so check to make sure.
Post: How to spot a freak...
- Real Estate Investor
- Tulsa, OK
- Posts 37
- Votes 0
Originally posted by Michael Rossi:
The other potential freak was a woman who looked at one of my one-bedroom houses. After walking through the house, she said that it wasn't acceptable to her because she needed more natural light. This house has at least two 36 X 72 inch windows in EVERY ROOM! She wanted to know if I had anything with more light. My reply: "like a fishbowl"? Are you kidding me?
Needless to say, I wouldn't rent to either of these people. The last thing I need is some wacko living in my rentals that see "black mold" everywhere or needs more light.
I also won't rent to people with words tattooed on their fingers (one guy had K I L L tattooed on his fingers) or people with tattooes on their face.
What kind of freaks show up at YOUR rentals?
Mike
Wow, I'm glad to see someone with my temperment doing well in this business.
Post: Advice on add
- Real Estate Investor
- Tulsa, OK
- Posts 37
- Votes 0
Originally posted by Jason Hanson :
This includes repairs needed, mortgage balance, etc....pretty much anything you will need to know about the property.
I would check out the rental property forum for more info.
Thanks Jason, the owner called me today. I did a drive by and was not very impressed. I found out that rents include bills paid. I will probably go ahead and do a walk through with the owner for at least practice and to make sure I'm not missing the hidden diamond. As you have suggested, I'm going to make a list of questions. Thanks again.
Post: Question on financing
- Real Estate Investor
- Tulsa, OK
- Posts 37
- Votes 0
Originally posted by Jason Hanson :
1. owner financing
2. doing a lease option
3. buying the house subject-to
4. getting private money
I assume that the rental property is owned by an investor. I like the idea of an lease option, but I'm concerned about putting a lot of money into repairs and trusting the owner to not get forclosed if he owes on the property. A two or three year lease option would give me time to prepare to obtain financing from a lender. Any thoughts on this?
Thanks Jason.
Post: Question on financing
- Real Estate Investor
- Tulsa, OK
- Posts 37
- Votes 0
I recently talked to my bank about a loan on a commercial property I have made an offer on. My offer was 100k. They said they could put a 20k lien on my primary resident and give me 100% financing at 7.25% on the commercial property.
I'm also interested in buying an rental property.
My question is: What are my options for buying a second property after I have fully leveraged my primary residence? Is owner finance my best option? Or should I pick one and wait a while?
Post: Advice on add
- Real Estate Investor
- Tulsa, OK
- Posts 37
- Votes 0
This add is on Graigslist. How would you respond or would you be interested? What criteria in general would you use to approach this property?This property is close to a major university and my business. If it is still for sale, I am going to attempt to see it asap.
For Sale:
$74,900.00
4 Unit Apt. / House
2 Efficiency Units & 2 2-Bedroom Units.
Current income 1550.00 per Month.
Needs work
Post: Invest in Real Estate or Stocks???
- Real Estate Investor
- Tulsa, OK
- Posts 37
- Votes 0
I would recommend that you invest in Stock Mutual Funds. The stock market as a whole is down and a bargain. Investing in individual stocks is very risky at anytime.
You can contact companies like T. Rowe Price or Vanguard to get more information. Good luck.
Post: looking to purchase a vacation property
- Real Estate Investor
- Tulsa, OK
- Posts 37
- Votes 0
I also like option 2. But, as stated above, you will need a contract with your dad. The only possible problem is if he defaults on the loan for any reason and you may lose your investment.
This option relieves your dad of any month to month responsibilities to you and gives you an investment. You have to be sure that your dad is reliable.