Posted by Mark (SDCA) on May 05, 1999 at 16:48:37:
I agree. You know you can make 7-8K right now. How long would it take you to make 7-8K by renting them out??
My gut reaction would be to take the 7-8K but then I haven’t seen the numbers.
Mark
Take the money and Run? - Posted by d.henderson
Posted by d.henderson on May 05, 1999 at 16:09:44:
I have two houses both were bought for 17K and 18K. Two bedroom, nice, clean “grandma” houses. Question. I am trying to lease option both of these houses. Everyone either wants to rent them or buy them (just go to the bank)I am too close to this, the long and short of it is — Is it better to take the 7-8K I will make or keep trying to L/O them or just rent. I am getting good renters and making the fair market rent on both of these properties. I had been renting them until I went to the Dallas convention. They are now empty and ready to do something with, the question is what? I can’t take a lot of time because I am still making payments on them myself.
I can use a little help from my friends. S
Thanks to all.
dee
Re: Take the money and Run? - Posted by d.henderson
Posted by d.henderson on May 05, 1999 at 21:26:38:
Tried to thank everyone for there input and my message was captured? What’s going on?
Anyway, Thank you to all that helped me see things clearer. I see now that I really want to sell one of the houses and use the money for more properties and hold the better one for rental. Most of the people calling want rental property. I tell them about the benefits of rent-to-own, but they still just want to rent. So I will have to study harder on my L/O presentation.
Thanks again
dee
$8,000 - Posted by Sean
Posted by Sean on May 05, 1999 at 18:19:44:
I would never scoff at $8k profit. But I agree with JPiper it does all depend on your plan.
What about just BEING the bank for them, and giving them a purchase money mortgage for the amount they need, or some kind of a land contract with a reasonable spread?
Re: Take the money and Run? - Posted by JPiper
Posted by JPiper on May 05, 1999 at 18:04:28:
What you do with these houses is a function of your plan…not a function of what any of us would do.
Chances are though your difficulty is in your marketing. When I try to sell a house, I don’t typically get renters responding to my ads…or vice versa. Is your advertising/marketing creating a mixed message?
Bottom line is decide where you want to go in terms of your investments, then create a marketing method that takes you in that direction. Give us more info on how you’re marketing, what your ad says, and what you want to accomplish.
JPiper
Re: Take the money and Run? - Posted by matt
Posted by matt on May 05, 1999 at 16:34:14:
You just need to run the numbers!
What’s your net operating income?
(NOI is rent minus all expenses except the mortgage payment and adjusted for vacancies)
What’s your mortgage payment?
How much do you still owe?
And do you need the money right now, ie is it going into another investment where you could make an even better return or what?
Give us more to go on.