MOTIVATED BUYERS...where are you? - Posted by rich

Posted by Rich on November 25, 2000 at 10:41:49:

Unfortunately, my tenants already refused. They are a young college (mid 20’s)couple, who plan on moving to Utah to graduate school at the end of the Dec. 2001 semester. If someone needs a low maintenance, decent rental property, this is it.

MOTIVATED BUYERS…where are you? - Posted by rich

Posted by rich on November 25, 2000 at 09:07:16:

I own a 2/3 bedroom rental sfh that appraises for $50k - $55k. It’s been rented steady for 10 years since I bought it, to 4 different tenants. It’s currently renting for $450 per month plus all utilities. The house had the following improvements in 1990: new roof, siding, soffit, facia, storm windows, and renovated interior.
I’ve been trying to find a buyer. I need to cash out. I’ve offered it for $42,500. I’ve had one person slightly interested, but they wanted me to finance the entire deal. Which I can’t. I offered to hold a note on the downpayment, which would allow them to finance the balance and pay me back over time, or in one payment at the end of one year. I was willing to be as flexible as I could be. If motivated means I’m willing to give the property away…I’m not. But I’m willing to work with someone. I’ll even manage the property to an out of town buyer…or recommend a good local property management company. I live in a college town and there are lots of out of town property owners. If there’s anyone that’s interested, let me know. If anyone knows how to get people interested, I’d like to hear from you too.
Thanks. - Rich

Re: MOTIVATED BUYERS…where are you? - Posted by Dbarks8

Posted by Dbarks8 on November 26, 2000 at 16:23:36:

Rich- you say that you need to cash out and have the property listed for 42,500. Do you Really NEED $42,500 right away. The reason I ask is because you may be in a position to accept half now and half later (just an example). So until a someone really knows what you NEED and waht you might be willing to accept you may be limiting yourself. Just a thought.

Re: MOTIVATED BUYERS…where are you? - Posted by rich

Posted by rich on November 25, 2000 at 12:56:23:

House is located in a good quiet neighborhood (away from the partying sections of town) in Frostburg, Maryland. Home of Frostburg State University. Lot size: .26 acre. House size ~1600 sq. ft. 2 Story. 1 bath. 2/3 bedrooms. Currently rented to young engaged couple who plan on going to graduate school out of the area, after they graduate.

Re: MOTIVATED BUYERS…where are you? - Posted by Bobby

Posted by Bobby on November 25, 2000 at 12:22:55:

Yes,First tell us what city and state are you located in?

Re: MOTIVATED BUYERS…where are you? - Posted by Ed Copp (OH)

Posted by Ed Copp (OH) on November 25, 2000 at 09:54:37:

Your motivated buyer may be living in the house already, and just not know that they are motivated. Sell to the tenant, if possible. Make them a deal they cant refuse.

Think about creating your own financing, and then selling your note if you really need to cash out.

If you just need some of the cash, you might want to get a second mortgage and then sell on a wrap to your tenant, continuing your cash flow.

Sell for the higher end of your pricing range by taking time payments for part or all of the sale, even charge a lower interest rate to get the price higher. Interest is ordinary income (100% taxable). While the higher price of the property will generate capital gain, which is not all taxable.

Look closer to home and good luck.

Where are you located? - Posted by Jim LaVerdi (Phx_Az)

Posted by Jim LaVerdi (Phx_Az) on November 25, 2000 at 11:19:24:

This will bring out the buyers!

Tell us where the house is located (City, State)