All Forum Posts by: Account Closed

Good questions to ask. Thank you. The only reason I'm interested is that it looks like a turn key rental and I have the cash, but would rather not use it if the ROI made any sense. Plus, it would keep it off my credit which I'd rather use for bigger deals.

Hi all,

I'm new to the whole owner carry concept. I'm a little low on cash for the next few months, but I have a property that is listed on the MLS as an owner carry option. The owner says they'll carry it for 7 years with $5k down. What exactly should I expect from this? It's a $40k house that would be a great rental for about $700-800/month so if I did a conventional loan on it, I would pocket about $400/month after kicking in around $10k on a 15 year loan.

Should I expect to pay a much higher rate/payment if I do the owner carry? Also, I expect my cash flow to be lower because it's a shorter term than I would prefer but at the same time, I would invest half the cash so that might make sense.

If someone could run me through this, I'd greatly appreciate it.

Thank you for all the feedback.

Susan, your suggestions are brilliant. That is exactly the type of service I want to relay with my property business. I have started to find out that renters hang out with renters to so word can get around in a city as small as Wichita. GREAT input. Thank you!

I have a somewhat easy, but worthwhile question. I have a tenant that has paid like clockwork since beginning a two year lease in March. In my lease agreement it requires the tenant to notify me of any adults that move in and they're required to get on the lease and pay another $100/month. I saw that this tenant got married in July, so naturally the spouse has to be living in my property but I wasn't notified. Would you mess with it, being that the tenant has been low maintenance and paid really well so far. Or would you send a letter notifying them that they need to add the spouse to the lease and pay up.

Please advise,