DeeLight 8 Report post Posted August 14, 2012 K, remember I'm numbers and financing challenged and be gentle. This guy called has a prop on 5 acres in Oklahoma. He says he needs to refi so he can offer someone a better deal (bring all the rates down) but here's the numbers right now. The P&I is $1175 on 1st & 2nd then the taxes & Ins are $405. Sale price is close to fmv.Rent would have to be $11650ish. The ave rent in the area is under $1k. What would you tell him? Oh, his motivation is a divorce 1.5 yrs ago he wants to move past the memories and wants the children to go to better schools. He wants to do this right and not act in a hurry to just move on. Share this post Link to post Share on other sites
ErikOk 10 Report post Posted August 15, 2012 K, remember I'm numbers and financing challenged and be gentle. This guy called has a prop on 5 acres in Oklahoma. He says he needs to refi so he can offer someone a better deal (bring all the rates down) but here's the numbers right now. The P&I is $1175 on 1st & 2nd then the taxes & Ins are $405. So he's wanting to refi to bring the monthly rate down? Does he have an idea of what P&I would be after refinance? Sale price is close to fmv.Rent would have to be $11650ish. The ave rent in the area is under $1k. What would you tell him? Oh, his motivation is a divorce 1.5 yrs ago he wants to move past the memories and wants the children to go to better schools. He wants to do this right and not act in a hurry to just move on. What kind of land? What is its best use? Is there mineral rights and if so do they go with the property? Is he looking to lease option? If so, what length of time is he offering? Is the ex-wife involved in the property? Share this post Link to post Share on other sites
DeeLight 8 Report post Posted August 15, 2012 Thank you so much Erik. I often don't even have the right questions to ask. I'll update after I ask him this. Share this post Link to post Share on other sites
ErikOk 10 Report post Posted August 15, 2012 Thank you so much Erik. I often don't even have the right questions to ask. I'll update after I ask him this. No problem. I'm around the Carter, Marshall, and Bryan counties in Oklahoma (about 2 hours south of Oklahoma City). If the property is close let me know if you need help & maybe we can join forces? Share this post Link to post Share on other sites
DeeLight 8 Report post Posted August 15, 2012 Yes, absolutely Erik. I have been thinking about that too. How far are you from the Tulsa area? Share this post Link to post Share on other sites
ErikOk 10 Report post Posted August 15, 2012 Yes, absolutely Erik. I have been thinking about that too. How far are you from the Tulsa area? 3 hours Share this post Link to post Share on other sites
MichaelC 160 Report post Posted August 15, 2012 Dee, the rent in the area is $1,100. His PITI is $1,650. First question: is he willing to accept a $550/mo negative? If not, no need to go any further with him if and until he refinances the property and gets his PITI lower. Share this post Link to post Share on other sites
DeeLight 8 Report post Posted August 15, 2012 Yes, thank you Michael, that's what I told him. He said he's taking care of it right now and will get back to me soon. Share this post Link to post Share on other sites