Comments on: Updates: http://conniebrz.com/2008/04/18/updates-2/ Stuff in general from a slightly warped perspective... Wed, 20 Aug 2008 13:41:05 +0000 http://wordpress.org/?v=2.3.3 By: Mike-TWA http://conniebrz.com/2008/04/18/updates-2/#comment-614 Mike-TWA Sat, 26 Apr 2008 15:13:47 +0000 http://conniebrz.com/2008/04/18/updates-2/#comment-614 Another investor's suggestions are good ones. I can't tell if you've already had an offer rejected or not, but if she's not getting any takers atm, and all else fails, make your offer, and let it sit. Time, as they say, makes fools of us all. Another investor’s suggestions are good ones. I can’t tell if you’ve already had an offer rejected or not, but if she’s not getting any takers atm, and all else fails, make your offer, and let it sit. Time, as they say, makes fools of us all.

]]> By: Connie http://conniebrz.com/2008/04/18/updates-2/#comment-596 Connie Sat, 19 Apr 2008 04:00:40 +0000 http://conniebrz.com/2008/04/18/updates-2/#comment-596 Aha~! You're totally right :) That should've been mythical offer #3 but the brain refused to cooperate without additional caffiene. Aha~! You’re totally right :)

That should’ve been mythical offer #3 but the brain refused to cooperate without additional caffiene.

]]> By: tracy ho http://conniebrz.com/2008/04/18/updates-2/#comment-595 tracy ho Sat, 19 Apr 2008 02:36:43 +0000 http://conniebrz.com/2008/04/18/updates-2/#comment-595 Great to read on your post , Something inspiring , thanks & wish to say Hey ! Tracy Ho wisdomgettingloaded Great to read on your post ,

Something inspiring , thanks & wish to say Hey !

Tracy Ho
wisdomgettingloaded

]]> By: Another Investor http://conniebrz.com/2008/04/18/updates-2/#comment-594 Another Investor Sat, 19 Apr 2008 00:55:05 +0000 http://conniebrz.com/2008/04/18/updates-2/#comment-594 Hi Connie: I might chase this bus, at least for a little while... If the seller is at all sentimental about the house, having someone respectfully renovate the house should appeal to her. Suppose you sat down for a nice cup of tea with the seller, and brought her a list of the improvements you plan for her house with their costs. If the house has been on the market for awhile and she's out of touch with renovation costs, that might be all it takes to convince her to drop the price and take a note. I would propose a different financing arrangement - a much longer amortization schedule (say 30 years) and a due date more reasonable for her circumstances (say 3 to 5 years). Firing up my trusty 23 year-old HP 12c, it looks like if you offered her $35,000 with 20 percent down, you would owe her a balance of $28,000. At a more enticing 6 percent (she's getting 3 percent on those CD's down at the bank), I calculate a monthly payment of about $168. Add the $125 a month in taxes and insurance, and you are at $293 a month. Once you fix the place up (say $10,000) and rent it out at a conservative rent of $550 gross (you pay the taxes and insurance and the tenant pays the utilities), you should be able to refinance or sell when the balloon is due. In the meantime, you should get a decent return on your $17,000, as long as the place is rented and the tenant pays as agreed. Even if you don't proceed today, I would keep my eye on the property. If the house stays on the market for another 60 days, I would try again. Hi Connie:

I might chase this bus, at least for a little while…

If the seller is at all sentimental about the house, having someone respectfully renovate the house should appeal to her. Suppose you sat down for a nice cup of tea with the seller, and brought her a list of the improvements you plan for her house with their costs. If the house has been on the market for awhile and she’s out of touch with renovation costs, that might be all it takes to convince her to drop the price and take a note.

I would propose a different financing arrangement - a much longer amortization schedule (say 30 years) and a due date more reasonable for her circumstances (say 3 to 5 years). Firing up my trusty 23 year-old HP 12c, it looks like if you offered her $35,000 with 20 percent down, you would owe her a balance of $28,000. At a more enticing 6 percent (she’s getting 3 percent on those CD’s down at the bank), I calculate a monthly payment of about $168. Add the $125 a month in taxes and insurance, and you are at $293 a month.

Once you fix the place up (say $10,000) and rent it out at a conservative rent of $550 gross (you pay the taxes and insurance and the tenant pays the utilities), you should be able to refinance or sell when the balloon is due. In the meantime, you should get a decent return on your $17,000, as long as the place is rented and the tenant pays as agreed.

Even if you don’t proceed today, I would keep my eye on the property. If the house stays on the market for another 60 days, I would try again.

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