An encouraging response! - Posted by JDS

Posted by Bud Branstetter on March 13, 1999 at 11:56:16:

I don’t know if there is a deal here or not but it sounds like you are quiting. Dealing with the other owners may be a hassle but what is it that they want. Maybe a lease option to manage the place with credits building up. Educate them what the place is really worth. If you can get some of them to owner carry you can do a note deal to cash out the others. If the utilities alone made a difference on cash flow, either the rents are way to low or you are paying to much.

If you are trying to make cash to live on, flips and L/O on SFR is much more liquid.

An encouraging response! - Posted by JDS

Posted by JDS on March 12, 1999 at 23:29:30:

Thanks for the encouraging response to my post on the sheets etc. forum. And thank you for the invitation to come here and rub elbows with more experienced investors. I am very new to all of this, but I can not play with it. I must make this work! I have 6 mouths to feed and right now I am barely making rent and the bills. I am halfway through the sheets’ course and am making offers. My first offer was accepted but then I found out that the tenants were not paying for their utilites. That shot the whole thing down because the duplex in question was free and clear and able to support itself without a mortgage, but not with one against it.

Also, the mortgage company that I was going through said the only way to do this was to treat it as a refinance if i wanted 100% financing and that entailed a quit claim. Here’s the kicker-- the seller had the deed handed to him in an estate and all of his siblings were on the deed. Flush that idea.

Well, anyway, i didn’t come here to blow smoke. I know you hav better