Have you had anyone ask you to sell with owner financing? Owner financing opens the market to 50% of buyers who don’t qualify for conventional financing.
They might have less than perfect credit or could have perfect credit. Could be new to an area, can’t get bank financing. Owner financing can be purchased from you right at the closing table. You get your money, pay off the underlying mortgage and live happily ever after.
Email me if you want more information. dsolutions@earthlink.net
rent???sell???hold out??? - Posted by Larry Carter
Posted by Larry Carter on January 05, 1999 at 20:52:13:
Hi. glad to have found this! Bought a house in southeast
missouri in oct 98.(16,500). i borrowed 2.000 additional
dollars and put siding on the house and put new berber carpet in the house, painted it and put it on the market. The real estate co set the price at 34.500 which will be quite a hefty profit. The loan on the house is at 9% on a 10 year note and with insurance and taxes this house is costing me about 285 a month. when i bought the house it was renting for 325 but they were nopays and moved out the week i closed.
Should i continue to hold out for a sale at 285 a month
or should i put this up for lease or considering the value of the house should i refinance the house for the full amount, put the equity into a couple of mobile homes and then turn around and lease it?. or is it smart to say go to a 15-20 year not just to keep my pmt low enought to creat 100? positive cash flow and will the house sell as good occupied? sorry so long winded whew!!! and thanks
for any opinions and help.
You have been introduced to the joys of being a landlord. To avoid future such experiences you want to find someone that wants to own the property as their home. Once you find such a person then you can make the next decision on how to finance them. Advertise as Pam says with owner financing available. You may end up with a contract of sale, a new mortgage through a B/C lender, a lease option, or the sale of your owner financed note. The capabilities of the buyer will help guide the decision.
Your goals and confort level will determine if you should refinance. When you do you add several thousand in costs that may not be neccessary.