All Forum Posts by: Gerald K.

@Brian Gibbons

Thanks for your response. I'll check out those resources. You mentioned:

"Lease Option (with intentions to sell your interests as opposed to sandwich)"

Isn't the sandwich ultimately to sell your interests? Get the house burden off the sellers back, put in a lease to own buyer that needs time to get financing in place. The sales price to the buyer trying to get financing in place would have to be what it would appraise for to be successful I would think, which should be the ultimate goal for it to be a win win.

Just so this doesn't get lost in the mix. Questions above for you experts.

@Grant Kemp

@Bill Jones

@Brian Gibbons

Christopher is right. There are bits and pieces on the forums but seems a lot of stuff is left out. There's definitely a need for the ultimate guide on creative financing techniques.. hint hint @Brandon Turner

You might want to find out if the MIL suite is a non-conforming structure or use.

Hi @Christopher Bowen

Will you be at the Snohomish meetup the end of the month?

I have a few questions we may both benefit from and I will try to keep it short.

Lease options, by the way, do not have the 180 day limit in WA such as they do in TX, as Grant mentioned in the Podcast.

The wrap around mortgages and lease option sandwich seem to be very similar techniques with the investor in the middle.

My question to those experienced with these, would you be in favor of one over the other and if so, why? How about taking into consideration compliance and regulatory issues. I'm hoping those experienced with these can shed some light on the pros and cons. Seems to me, the lease option would be less risky than the wrap around mortgage, however I would appreciate hearing from those of you who have some experience with these.

@Greg Cobb

Welcome to BP. We're down in Kirkland. The meetup Zack mentioned would be a good one to share ideas with others. Not sure if we'll make it this time or not. There are also real estate associations in the area. REAPS is the largest one in the area and you can attend your first meeting free. Do a Google search to find it. Check out the "Learn" tab up top along the blue bar. Lots of great info. See you around the forums.

@Tracey Marzich

First off, welcome to BP. There's lots of great info here and knowledgable people. We're from Kirkland, WA. Have you seen the BP guide to screening tenants? You can find it here: Screening Tenants I like the idea of finding a local Landlord Association and getting your questions answered.

We have experience inheriting tenants. Our thinking back then was, great! we don't have to go looking for tenants. The problem in a lot of these situations is the seller is gettng rid of a problem. They really don't care who is in the place or whether they are even paying rent. I would establish your own criteria and stick to it. If they don't meet your criteria, don't bend your rules just because they are there. You could end up with more problems than it's worth.

If the tenants do not have a rental agreement in place, they are likely tenants on a month to month basis. No rental agreement is really a poor idea, so that tells you something about the situation right off the bat. You will need to honor landlord tenant law in your state. The laws can be very picky about how you do things and if you do them wrong, you could end up wasting a lot of time and money. In WA, for a month-to-month agreement, we need to give at least 20 days notice before the end of the rental period to make changes or to terminate, but it is likely different in your state or jurisdiction.

If I were you, I would get on top of the situation and have a plan ready. Maybe some Columbus, Ohio BPers could chime in with some advise.

Good luck.

@Timothy Tooker

Welcome to BP. Looks like you've been jumping in with both feet! We picked up some REOs and short sales during the downturn. Have heard of Vestus but haven't done any deals through them. BP is a great community with a lot of knowledgable people. Hope to see you around the forums.

@Robert Davis

Welcome to BP. We're up in Kirkland. Check out the "Learn" tab up top along the blue bar. Lots of great info. See you around the forums.

@Jared Butterfield

Welcome to BP. We're in Kirkland. There's a free Snohomish County real estate investing meetup once a month you might be interested in. Once you get settled, let me know and I'll pass on the info. And as Katherine Swanberg stated, you can go to your first REAPS meeting free. It's the biggest REIA in the area. See you around the forums.

@Steven Mak

Welcome to BP. We're in Kirkland. Check out the "Learn" tab up top along the blue bar. Lots of great info. See you around the forums.