Posted: 8/22/2013 4:51:01 AM EDT
Holy crap.......I own a few rental properties and I have a major fixer upper I decided to owner finance. My wife listed it on a couple of local Facebook Yardsale pages and it has gone full blown nuts. One has over 110 comments of people saying they will take. The house is worth about $14k but I listed it at $1000 down, $300 a month for 10 years plus taxes, insurance and such. 
They are crapping all over themselves and arguing who has first dibs. They'll be sorely disappointed when I make them all fill out an application. Do they think I'm just going to give it to them without checking who they are? I think I just answered my own question
I've got 20 people coming to look at it around noon today. I showed it to at least that many last night. So far I've got 1 potential person I'd be will to take a chance on. |
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Actually it would be a nice house if someone had the time and $20k to put into it <a href="http://s78.photobucket.com/user/crodeo/media/ParkDrive.jpg.html" target="_blank">http://i78.photobucket.com/albums/j95/crodeo/ParkDrive.jpg</a> Quoted:
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holy shit hole! 14k for a house? gotta be like 850 sq ft with one outside wall missing, right? Actually it would be a nice house if someone had the time and $20k to put into it <a href="http://s78.photobucket.com/user/crodeo/media/ParkDrive.jpg.html" target="_blank">http://i78.photobucket.com/albums/j95/crodeo/ParkDrive.jpg</a> Looks like she has a little lean to her...Unless your left foot is on a rock. eta: dammit, a little too late. |
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So...you're hoping to collect $37k over the course of 10 years on the house before you sign the title over? Assuming $1500 year in taxes, you're hoping to get $22k out of house worth $14k in 10 years time. That doesn't seem like the reward outweighs the risk IMHO. Speed
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So...you're hoping to collect $37k over the course of 10 years on the house before you sign the title over?Assuming $1500 year in taxes, you're hoping to get $22k out of house worth $14k in 10 years time. That doesn't seem like the reward outweighs the risk IMHO. Speed I don't owe anything on the house, it has long been paid for and I've made $4k a year off of it for awhile now. At this point I hope someone will go the full 10 years or pay it off sooner and take it off my hands. It will be a land contract so no transfer of title until it is paid in full. They pay the taxes, $750 a year and the insurance $500 a year, not included in the $300 a month. They can't tear it up much worse than it is. If it had to be destroyed the lot would be worth $12k
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holy shit hole! 14k for a house? gotta be like 850 sq ft with one outside wall missing, right? A lot of my shipmates live in places like that because they can. About 10 years ago one of the guys I know bought such a house and paid it off in about a year. It was in a small mill town that the mill had closed up on several years earlier and the town was on its ass. Because he is at sea a lot he went to the local military recruiters and let a single recruiter move in there for a song and 1/2 the utilities to be there when he was away. When he's back home he has such a small footprint that the 2 of them don't bother one another. The neighborhood kids take care of the lawn and garden for peanuts and when he re roofed the place he hired local talent for damned little. The guy is a basic seaman n a tug and lives like a king. |
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I bought the house a little over 6 years ago fully planning to completely renovate it. The rent in the area is generally around $850 a month. A couple more kids later and a few houses that didn't require work plus a full time job this ole house has been abused.
I wish a young single guy or young couple with no kids would see the value in it and have the sense to know they could have a nice house and have it paid for in a short time. There is over 200 comments on the Facebook yardsale page now 
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