All Forum Posts by: Travis Elliott

Thanks guys

Any other thoughts out there?

I bought a SFH early this year as an owner occupied property.. Before, I was living in a company apartment above my place of work. Well shortly after buying the home I started having troubles with an employee (drinking on the job). Long story short I stayed living in the apartment and rented the house out..

I am not sure where this leaves me... I plan on claiming my income from this home at tax time. Can I get into trouble for renting it out?? Is there anything that I need to do? Any help would be appreciated..

Thanks Rob...

So why would you offer them 100 payments at 1000? You would be offering full price... Wouldn't you want to offer less and still spread it over one hundred months or three hundred and sixty?

Thanks for the reply Chris...

Does anyone else have any other thoughts on the subject??

I am looking at buying my second house. I just found out that the owner has it paid off so there may be a possibility of doing a contract on it.. I am wondering what the pros and cons are of using bank financing versus a contract..

If I do a contract with a five year balloon and interest rates skyrocket then I have hurt my self correct?

Thoughts?

Thanks Carlos

I appreciate it

Any other ideas out there on getting a loan?

Rick I understand that it has to make money in order to buy it.. I am wondering HOW to structure the deal assuming it makes money... I know that a bank would want thirty percent down and maybe more witch I dont have. So i need to come up with a new approach to funding this deal

Thanks

Travis

I recently found a Laundry Matt for sale. It comes with the building that it is in and a one bedroom apartment above and the business its self...

They are asking around 230,000 and they owe about 85,000 on it...

My question is this. How would I go about financing this with out using a bank? I suggested to her that I buy it on a contract but she was concerned about the bank calling the note. I told her that I thought we could draw up a contract and she would stay in title untill I paid it off.

Is this correct? Can anyone suggest a good rout to go after this? I appreciate any help you can give..

Travis

I dont know a thing about buying a mobile home park.. Are they like buying a SFH as a rental? Do they require more money down? Any information would be appreciated.

""I suggest you do a lease option, with an option price""

Can you explain how this would work..