All Forum Posts by: Sigoura Edge

It’s 4% interest. I read my deed throughly. It says late fees are accessed if payment isn’t received within 10 days after the due date. All my receipts are well before the 10th of each month. So there are no late fees. But I will get on it right away. Thanks everyone lesson learned!

I purchased a property at 58k last summer owner financing. The agreement was 1,000 for 12 months then $600 until the debt is paid. My income shifted so they’re was 3 months that I paid $600 which the man said it was okay. Last week (3 months later) he told me that I owed him $1200 which was the $400 balances from the $1000 each month. I paid him. Now he is saying I owe him $300 in late fees. We agreed to the 5th of every month, and my deed states that I have 10 days from the due date before any late fees are accessed. He says it’s mandatory that I show him taxes paid and insurance on the property. I was never told this about the insurance. But I read the deed and it says if anything happens to the property I give him the money from my insurance company and he’s the power attorney of my property until it’s paid off. Is this fair? Help!!

@christopher I do reside there until I find my next property by next summer. Then I would to renovate a little and sale it. But I'm being told renting it out is better for forever

Hi everyone I just closed on my first property at 60k. I'm interested in obtaining at least 3-5 more properties by 2019. I've been trying to figure out how do people obtain 5, 10, 15 properties. I read a little about a real estate commission etc. What would be the best solution for my future properties? Finance then then rent them out? I want to make profit from renting them out. Any suggestions? Thanks!