Q. The renters that live in my rent house right now have lived there for about 10 years and have been on time on their monthly rent. I am not in a hurry to sell my rent house but i would like to owner finace with them. The renters don't have very good credit but they are very intrested in buying with owner finance. If I owner finace it would be a win win situation. I can sell my house and maybe get some interest on top of that and the buyers would get to own their first home.
A. Here is a link to a Wiki "How-to" article that pretty much walks you through the process:
http://www.wikihow.com/Sell-Your-House-Using-a-Lease-Option
Good luck with your real estate endeavors.
http://www.wikihow.com/Sell-Your-House-Using-a-Lease-Option
Good luck with your real estate endeavors.
How to cover tile in a rent house?
Q. I am moving into a rent house and the tile in the bathroom is horrible. The whole wall is covered in tile. There is about a foot between the tile and the top of the ceiling and then there is a wide baseboard at the bottom. Since it is a rent house I can not take the tile out our paint over it...does anyone have any ideas?
A. Stick contact paper on it for a temporary covering and then peel it off when you leave.
How can I evict one person from a rent house.?
Q. I rent to two people, who both signed the lease. One has done considerable damage to the rent house. How can I evict him, In Texas, without having to evict the other person also? They are not legally married, but have a child together. The lease does provide for default of lease upon damaging the premises, but can I evict only one of them?
A. No, you will need to evict both of them.
What is the most you can give for a rent house?
Q. What is the most you can give for a rent house and still come out. What is the average time to pay for a rent house?.
A. I would love to answer your question but I'm unsure what you're asking. If you can make it a bit clearer, I'll check back and see if I can help you.
EDIT:Okay, I can't find the formula. But essentially what you consider are your expenses vs. your income potential. What will your monthly payment be including taxes and insurance? What will your income be from rents? Can you cover your entire payment with the rents and still have about 20% per month above your payment as income? You need to clear about that much to cover repairs and vacancy. Don't forget to consider whether your tenants will pay their own utilities, etc. Think about how much you'll be putting down. Perhaps that money would yield a higher return in a CD or something similar? A good real estate agent should be able to help you with the numbers. I suggest you find one experienced and familiar with the purchase of income properties in your area. I wish you all the best!
EDIT:Okay, I can't find the formula. But essentially what you consider are your expenses vs. your income potential. What will your monthly payment be including taxes and insurance? What will your income be from rents? Can you cover your entire payment with the rents and still have about 20% per month above your payment as income? You need to clear about that much to cover repairs and vacancy. Don't forget to consider whether your tenants will pay their own utilities, etc. Think about how much you'll be putting down. Perhaps that money would yield a higher return in a CD or something similar? A good real estate agent should be able to help you with the numbers. I suggest you find one experienced and familiar with the purchase of income properties in your area. I wish you all the best!
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