All Forum Posts by: Robert Ruiz

Best of Luck to you!  

@Jeff V.

she accepted the 65K but her ex husband wouldn't, so he killed the deal

she still lives there 

2 years ago I had 2 properties I rehabbed and was planning on selling. The market changed here and I got stuck with them. Plan b! I don't want to be a landlord because I have to spend my time playing golf with my kids :) so I chose to rent to own . The trick here is to get decent down payment. On property #1, I got 10k down and they are paying about 1397 a month with $125 a month credited towards their remaining balance of 155,000. Long story short after 5 years I will make about 65k after they refinance ( better than the quick 20k i was trying to make on this low repair rehab. Property #2 i sold for 180,000 (top of the market) with 20k down and $1435 a month with $140 going towards their principal. After 5 years I will profit 100k on this deal Better than the 30k I was trying to make on the flip. I structure my notes at 10 years and my occupants at 30 years at 10% interest Since then I have no shortage of customers And can't buy houses fasten enough. I don't rehab anything anymore and I currently have 2 more under my belt at 40k profit and 70k profit over the next 5 years I don't need much cash flow ( although they have a few hundred dollars) so I look at these as seeds in the ground that will one day yield a big fruit harvest in 4 or 5 years. I have never rented nor do I ever see myself doing so. Not when rent to own relieves me of all maintenance, repairs and puts people in the house who have skin in the game and want to take care of the property. That's my experience so far ! It's been good :)

Thanks for your service! What are your questions?

I have done some of these deals. I would suggest finding a real estate attorney to draw up your contract so you know you are covered. I have tried doing my own past and could have got into some legal problems when the guy paying defaulted. Lesson learned. Doing these type of deals can be very profitable because it allows to sell the house and also take advantage of the properties depreciation. A slow dime is sometimes better than a fast nickel!

Welcome!! Your gonna love it here! I am from sulphur, la. Robert Leonard great to hear you got one started!

hey just an update guy

My 9 year old daughter just invested $750 of her own saved up money to put into one of our deals! This will potentially net her a profit of $540. Not bad for a 9 year old who worked her buns off to save up $750 all on her own :) . My 13 year old is also investing with a $500 input. Keep playing cash flow for kids lol

I agree with J Scott . I could not imagine not being there everyday or having someone I really trust being there everyday watching the job. There are always questions that need to be answered and solutions that need to be acquired on a rehab. Most people can't think past thier nose. I am fortunate enough to have a carpenter who can think for himself. It makes a world of differences. :)

Hey all I have 2 houses that we flipped and are currently selling here in Louisiana. I have a woman who is very interested in both of them and is trying to pick one of the 2. She has all cash. The houses are 163k and 170k. She is wondering wether to buy all cash or get a mortgage and she also wants to invest her money. She is young( in her 30's) and just recently had a windfall. Here is my question. After thinking about it for a while. I was wondering about asking if she would be interested in investing in our business with part of her money. I would not feel uncomfortable asking, since she knows who I am and my character. But I am wondering what is the best way to go about this. If she was interested, she could buy the house With a partial mortgage, say 120k cash down and the rest in a conventional mortgage. Take the rest of the cash ($50k) and invest with with us at 10-12% interest. AND what is the best way to utilize that money without paying interest on it when there is not a project going on. Do people typically just pay interest on investors money while they are between projects? Thanks for any advice. I'll keep you posted on how it goes. We will talk sometime today. :)

Is the mobile home attached to a piece of land or are you just buying the mobile home by itself?