All Forum Posts by: Rivy S.

@Evan Manship PMed you! 

@Karthick Bhaskaran I was just coming on to BP to ask about the same thing, and I saw your message.  I don't know what to do about it, mine rose by 700%!!

I will likely have to sell the property since the rent can't support an extra $291/month in taxes.  My PM has advised me that they have a different client who has successfully fought the appraisal, but it took about 3 years, and probably cost a fortune in legal fees. 

@Jerel Ehlert That was a ton of valuable information.  Thank you!!

I've got a property under contract that I'd like to fix up a bit and then sell with owner finance.  It's in 76014 (Arlington, TX)

I'm wondering if someone who has done owner finance deals in the area can give me some guidance on what the steps are.

Some questions I have:

1. Should I list this on the MLS? With an agent? Or is there a different place that ppl who want to buy with owner finance check more( like renttoownlabs.com)?

2. Is there in general a lot of interest in owner finance in the area? Do owner financed houses go for more or less than conventionally financed houses?

3. What level of rehab do I need? The same as a regular flip? Or should I be trying to keep rehab down so I can sell for less, to more appeal to those that would be interested in an owner finance?

4. Also the plan for this is a wraparound mortgage. (I will be getting a delayed finance loan after the close, before I sell.) Does anyone have  an attorney and/or title company they recommend for this?

Thanks in advance! 

@Shiloh Lundahl My best cashflowing investment is also my my most passive one. 

It's a turnkey rental in Indy.  

All in cost is 27k (100k purchase price, 25% down)

CoC is about 13% per year (after reserves of 10% each for management, maintenance and capex, and 8% for vacancy)

I spend about an hour per month looking over statements and updating spreadsheets.

(As a bonus, this particular property has also appreciated at least 30% since I bought it two years ago)

@Jeffrey Shipp sent

@Keyonte Summers email sent.

I am selling because my manager stopped managing in January, and I've been burnt trying to find reliable managers in the market.  

 @Bob Collett  @Ron Szmik my manager told me that I will not get tenants if I don't pay water/sewer/trash, since that's what the standard is in the area.  Is that not correct? Area code of of property is 44111.  

I like your suggestion  of a predetermined amount for water/sewer/trash, but wouldn't that just be viewed as a higher rent?  I don't think the area can support more than what I'm already charging (which hasn't gone up at all in two years)

I posted this property a few months ago (https://www.biggerpockets.com/forums/517/topics/50...), but dropped the ball trying to draw up the contract myself (it's much easier in Texas). 

Relisting now because I'd like to wrap up my foray into the Detroit market and I have an agent to do the paperwork for me.

I've had this property for 2.5 years and the tenant has never once been late on her rent. She is the original homeowner who lost it to taxes and takes  good care of it.

I dropped the ball on this one, because I was trying to handle the contract myself and didn't get around to it.  Meantime it's been trucking along nicely, so it fell off my radar.  I would like to sell, now, and I've got an agent lined up to handle the contracts so I don't have to worry about it. 

A bunch of ppl reached out about this, but I don't know which ppl are still interested.  So if you are still interested in this property, please let me know.