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has some leeway considering the cost of maintaining an empty unit not paying common charges. I think you will find a rent to own senario more profitable with less risk if the condo board could allow it.
Using a RE agent should keep you on the up and up, but get legal just to be safe.
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Depending on the type of contract you use the deed will be given to the buyer with a note and trust deed sale or if it is on a contract for deed then you retain the deed until it is paid off.
Thank you in advance for any help or guidance.
Should I consider owner financing
Basically a lease with an option to buy is typically a 1 year lease with an option to purchase at a predetermined price, on or before a certain date.
Sometimes, if there is a small down a dishonest investor can rent out the property and never make a payment, leaving you with lots of grief and months of legal work to foreclose.
If you only want to get 2k then do a lease option or rent to them until they can save enough for a 20% down payment.
Figure out what market rents are, and set up your terms so that you paid off in full in 5 years. The P will be just higher than rent for your buyer, and you be able to find your next investment.
If you list it with a RE agent they may take a portion of the first month rent for the lease and a commission if/when it sells.
I know that it is difficult for a homeowner to get a loan for 25k, so I am considering offering owner financing. My hope is to collect monthly income payments without the hassle of managing a tenant. I was thinking something along the lines of finding a buyer who will put 2k down with a 5yr interest only loan. I was thinking 1% per month interest charge (roughly 275 per month).
What was you original strategy when you purchased the property if you cannot rent it. Is it possible to get permission to rent with option buy? Perhaps the condo board Nike Dri Fit Tee
There are many forms where different amounts of the rent are applied to the down payment. Not up to date on any new rulings about what may or may not be allowed so will not go there. Best to find a knowledgeable broker, and run stuff by an attorney.
Are there consumer finance laws you need to be concerned with? ABSOLUTELY. You will need a real estate attorney if you carry paper and you will need to be aware of the state of Florida position on lease options.
Offering a lease option Nike Women Leggings is Nike Sportswear Bonded Woven Pants
Better yet get 50% down or cash. Good luck.
The main risk is the cost of foreclosure and what kind of legal tactics the buyer can use against you to block your actions.
just another avenue for you to market the property by offering "terms". Terms mean owner finance, owner carry a second, or lease option.
Even if you do decide to sell and carry, what is the exit strategy with a small down payment and I/O financing? The buyer isn going to get a bank loan, and has very little incentive ($2000 down) to stick around should things get tough.
5. Are there consumer finance laws I should be concerned about? As a new investor involved in real estate as a side venture, is this path too difficult or complex?
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Hello, I am relaitvely new to the real estate game. I live in NY and own a small condo in Florida that I purchased at a tax deed auction. I am in the process of clearing the title through quiet title action. I hope to sell my condo for 25k.
If you bought it at a tax deed auction, hopefully you got it at a nice discount. In that price range, I would rather just sell it to an all cash buyer your yield will compute out rather nicely.
If they default you will most likely end up with the property in need of repair after foreclosing and paying legal expenses to Nike Leggings Gold
I have considered this option myself but no matter how I crunch the numbers the return on the rental income comes out ahead and the security gained from holding a mortgage is really very little security when you consider the limited ability to pay that most would be buyers in this price point will have.
The way to safeguard yourself is to get financial statements and verify what they give you through credit reports and possibly proof of assets, plus enough of a down payment to pay for a foreclosure.
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