Mr.B
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BEV I would call around your town to different property management companies and find out what they charge per month for their services. Since this is basically what you will be doing for him. I don't know if you need any licenses to do that kind of business, but you may want to look into it. The biggest problem that I see with this is finding a tenant that is going to be willing to "pull up the tent stakes" at the drop of a hat. I know if I was looking for a place to rent and was told "I would like to rent you this house on a month to month basis, but I am trying to sell this place so you may have to move with thirty days notice at anytime after you move in." I wouldn't do it, personally because I hate moving. You maybe able to solve this by advertiseing it as Short Term Executive houseing. Then make sure that the person moving in is just that and not a family trying to settle down somewhere. Maybe even advertise it to Corporations in your area. Anyway enough babbleing from me good luck and continued success to you. ~Mr.B
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In this situation you make the rules, don't forget that. I am assumeing with that kind of equity you are thinking about doing a sandwich lease option right? If so, I would ask for a one year lease option with a right to renew the lease for five, one year increments. That way you can control the property for six years if you choose, but are only locking yourself into a commitment for 12 months at a time. If something unforseeable comes up and you no longer want to deal with the property you can choose not to renew. I would also would not offer anything above market price, infact since they are behind in payments I would ask for a discount. I would be nice and let them know your happy that you have a solution for their problem. Good Luck ~Mr.B
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MC its funny how you can almost give something away and still have people trying to get something for nothing. Let me ask everyone here a question. If I told you that if you could come up with a hundred dollars, and in 30 to 90 days I would pay you back 3000 - 11000 dollars could you some how come up with the hundred bucks? I don't think anyone would have a problem finding the money. I think you guys should do some research into other real estate guru sites and find out how much they are charging for their courses. Then factor in that any help or advice after the purchase is likely to cost you 20 times more than that. I don't know what I'm trying to get at I think Im just grouchy. ~Mr.B
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Basically with Michaels Contracts the difference really is to whom the terms favor. In a Cooperative Assignment, the contract language favors the Home Owner. These include a Lease, an Option to Buy and a separate Assignment Contract that assigns both the lease and the option to the tenant buyer that you have found. In a Sandwich Lease Option, the contract language favors you. The contracts are a Lease and Option to buy. I would HIGHLY recommend spending the money for his course. Not only will your recieve invalueable information to help you get started, you will get all the necessary contracts that he has painstakenly went over to make sure your protected as well as possible. With the money you will save buying this course over the majority of the others out there you can easly afford to have a Real Estate Lawyer look them over to make sure they are compliant with your state guide lines. The best reason to get involved is all the free help and encouragement that you can get here on these boards. Good Luck ~Mr.B
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You said Beaver Water ~Mr.B
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I totally agree, I think the best thing to say when people ask if they can pay some now and some later would be to say, "I'm sorry my seller must have all the option money to pay toward the home they are buying and moving into." Since you most likely won't be doing business with them anyway, it doesn't really matter. ~Mr.B
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http://www.vonage.com "Our records indicate you cannot keep your current telephone number!" I hate my crappy little town. I'm planning on moving the beginning of next year to the big city YEEEEHAWWW. ~Mr.B
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Adam thats great! It sounds like you have found a real bargan "dream home". If your not really happy with the place you in now, I say go for it. If you are happy with where you are now, remember houses are just inventory. ~Mr.B
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Thanks Dean, I have heard of internet phone, but I'm not sure how it works or if it would be available in my small town. ~Mr.B
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With the way you are moving houses it might be a good thing for you. If the realtor is doing pre-screening, I would probably take her up on it. It would free you up to do other things. I would just make sure and ask her if she does a credit check and asks the appropriate questions. (Like do you have Option Money?) Otherwise, they may not be saving you all that much time. Just my Opinion ~Mr.B
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My personal opinion, NEVER count on appreciation to make you money. You never know when the market will turn on a dime. If that sounds extreme, then I got my point across. ~Mr.B
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Because they depreciate in value, getting financing on a Mobile Home has its own special set of challeges. I would make sure that you have one or two source that are willing to setup financing on used MHs in your area before you attempt to L/P one. There are some books available on investing in MHs. One is called Tin Can Alley and there are a few more. I would do as much research as possible before getting involved in MHs.
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Yea you're lucky. There is an area in Jacksonville where on one street a two story 4 bd 2.5 bath sells for around 100k and less than a half mile away that same size house is worth around 1 million. ~Mr.B
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Is this the first thing out of your mouth during the phone call, or have you built some rapport first? Doesn't really matter, the point of making this statement isn't nessecarly to get the home owner to jump right on board. It more to get them thinking. Nothing in that statement is decieveing or untrue. Its already been discussed here how to show the homeowner that they WILL net many more thousands of dollars doing a L/O than they could if they sold it themselves or through a Realtor. Well maybe thats what it sounds like to you and maybe if someone called you with this line you wouldn't respond to it, so don't use it. I personally think its a great line to use. But, if it doesn't "sit right" with you then don't use it. I was just offering a suggestion, if it doesn't work or apply to you and your style so be it. Good Day ~Mr.B
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Honestly, when I first read this post I half expected to get to the end and see: If you want a really professional looking website at an affordable price email me at: hungry@webdesigners.com hehe Informative post though. I had dabbled in web design using Dreamweaver so I get a lot of what your saying. Especially about Monitor resolution very aggravating. Good Luck with REI maybe once your successful you can do what you love and not worry wether its paying the bills or not. ~Mr.B