Posted by Rick-MI on June 11, 2000 at 20:57:14:
I have done one L/O so far and am working on a couple more.
My first one has recently gone south, and am going to re-lease it. Details: $85K selling price, $3K option fee, $800/mo rent w/ $150/mo rent credit. T/Ber moved in at first of March. Husband just left wife and kids, she can’t afford it on her own. She is going to move into another one I am about to close on, that is within her budget. I will get the first one back and start over.
It has been quite an education. Even when you do your homework, and qualify them per mortgage co. criteria, you never know for sure how things will work out.
I am up in the Traverse City/Cadillac area BTW.