Posted by Sean Carolan on March 29, 2005 at 20:08:59:
This looks good. Another idea I had would be to rent it out as a section 8 property. According to HUD, a 3 bedroom house in my area rents for $952 a month. Does anyone have experience dealing with section 8? I like the idea of guaranteed rent and tenants who have a good reason to keep the house nice (eg not losing their section 8 status).
Exit strategy for my property - Posted by Sean Carolan
Posted by Sean Carolan on March 29, 2005 at 07:27:31:
Greetings friends:
I have a property that I acquired subject to the seller keeping his name on the mortgage. I took over payments and got the deed and his name stayed on the loan. The property is in a working class neighborhood and is a KB home. It is about 2 years old and the house itself is in nearly brand-new condition.
Right now I am renting the house to some friends but they are moving out come end of May. So I have two months to figure out what I want to do with it after they leave.
I tried selling it via lease option but didn’t have a lot of luck there. I tried ‘rent-to-own’ type signs all over the neighborhood but didn’t get many good leads from that. What would you all suggest I do with the property? Keep it as a rental? Sell via lease option? Owner finance it?
My payments are $860 a month which includes the property tax. Other houses in the area will rent for around $900-950 range.
Any advice is greatly appreciated.
Regards,
Sean
Re: Exit strategy for my property - Posted by Clint
Posted by Clint on March 29, 2005 at 07:30:08:
Run an ad in the paper:
For Sale By Owner
No Banks Needed
$2500.00 down payments only $925 per month.
Call Sean xxx-xxxx
Or try this:
Rent to Own
$X down, X per month
No Bank Qualifying.