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About caboarder2001

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  1. I have a seller who wants to sell a home in Athens Georgia, Ill assign this to you for a fee if anyone wants it. Email Wright.Investments@yahoo.com for pictures. Address: 503 Haley Street Albany, GA 31701 Details: Single Family Bedrooms: 2 Bathrooms: 2 Square Feet: 1,139 Appraisal Value: $ 78,000 Asking Price: $ 37,000 Renovations: $ 4,000 Monthly Payment: $ 450 The appraisal and renovations numbers came from the seller.
  2. Holy Moly. Michael told me to post it in here because you were the tax guru. And he was sure right. Thank you for the in depth explanation. Thats what I was looking for. Thanks
  3. Thanks so much for the information guys. Ill try and just find a tennant or flip my lease to a tennant. If not.... On to the next seller
  4. Master lease is just a lease with no option? So like I sign a 3 year lease, and then I sub lease that out? And as far as flipping it, your saying pay him x and rent it for x+$100/mo ? If so how does that differ from the master lease?
  5. OK so I found a guy from my cold calling campaign and he is in a very tough situation. I want to be able to help him, but obviously not if I cannot make $ from it. He has a home listed FSBO for $300,000. He said at that price he is almost under water. His current payment is $1749/mo+160 HOA which equals $1,911, He has a tennant that has been there 5 years that will be moving out October 31st, and she is paying a rent of $1,800 which is consistant with the neighborhood. The comps are $137.60/sq.ft. which makes his property of 1709 sq.ft. $235,158. I thought of listing it for 3 years which at the end of 3 years he will have paid down the loan $13,000. But that is still far away from what he owes and what it would sell for. So then I thought well ill do a strait rent for this guy and be a prop manager. But his tennant of 5 years has been great with not a single late payment, so its "easy" in his eyes, so he doesnt mind land lording. So... What can I do with this? Anything?
  6. If a home owner leases a home for more than 2 years it is considered investment income when he sells it correct? This was brought up to me by a seller during a cold call.
  7. Adding onto this conversation of agents. I was out scoping out the city block that I want to hit with door to door flyers tomorrow and I noticed quite a few real estate agent for sale signs. Can you call the agents and ask them if the seller would consider a lease option? And if they do, and the seller agrees, then what do you do with the agents commission? Or can I call them and tell them that if they are within a couple of days of the listing expire that they can call me and if I work a deal with the seller, then I will give the agent $500 or $1000 cash or something? Or would doing all this just offend the agent?
  8. Hey I don't mind . That's just another option payment from the next guy
  9. Thanks steve! And speaking about t/b's leaving a year through in, do many t/b's do this? I mean if its a 200k property, and you charge them a 5% OC, then thats $10K. Do t/b's really walk away from this amount of money just because?
  10. How are there more advantages to the seller doing a SLO, besides the seller not having to be a landlord/qualify tenants/collect rent and all that? From the sellers standpoint, is it really worth giving up future appreciation and excess monthly rent to not have to deal with the landlord hassle? Also you and Michael said that it depends on the deal whether it will be a SLO or CA. What determines, from our side, whether it will be a SLO or a CA?
  11. Hey everyone I am new here. Been trolling for quite some time, I ordered the manual and its in the mail. If the question I'm asking is answered in the manual, please excuse me, I can no longer hold back my enthusiasm. When do you pursue a CA rather than a SLO? In a CA you make less $, although they are easier to get the owner to agree to. So do you start out pitching the idea of the SLO, then if your not getting anywhere you warm them up to the CA? Why not go for the SLO and make more money on the whole deal? Thanks! Corey
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