 Contract/RTO/LTO ??? (by 574-Brad [IN]) Apr 19, 2011 7:11 PM
 Contract/RTO/LTO ??? (by Hoodster [MO]) Apr 19, 2011 7:26 PM
Contract/RTO/LTO ??? (by ctlandlord [CT]) Apr 19, 2011 7:51 PM
Contract/RTO/LTO ??? (by Chris [CA]) Apr 19, 2011 8:31 PM
Contract/RTO/LTO ??? (by J [IN]) Apr 20, 2011 3:08 AM
Contract/RTO/LTO ??? (by 574-Brad [IN]) Apr 20, 2011 7:15 AM
Contract/RTO/LTO ??? (by J [IN]) Apr 20, 2011 7:33 AM
Contract/RTO/LTO ??? (by Virden [OH]) Apr 20, 2011 12:36 PM
Contract/RTO/LTO ??? (by 574-Brad [IN]) Posted on: Apr 19, 2011 7:11 PM
Message:
State Specific Question About: INDIANA (IN)
Got a relative who had a flip go bad. Too bad as he was on a role, he did two of them and made out great. Anyways, he's had this house on the market for two years now with only one or two lowball offers. He has someone who wants to do a lease to own or whatever. I know a couple of you IN investors have done this. I also know if you do it wrong, you'll get burned in the pocketbook. BRAD 20,000 had a nice post on doing these in Indiana, but I couldn't find it.
I told him to be very careful and not to do it wrong. Was hoping to be able to give him a little more info. --66.228.xxx.xxx |
Contract/RTO/LTO ??? (by Hoodster [MO]) Posted on: Apr 19, 2011 7:26 PM
Message:
I have looked into doing this and there's a lot of dillegence to do. I'd start by talking to a mortgage broker to find out every last detail that will be done to ensure it will comply with the lenders requests. There's a lot of things to worry about, but nothing would be worse than getting to the finish line and not get the financing... --70.250.xxx.xx |
Contract/RTO/LTO ??? (by ctlandlord [CT]) Posted on: Apr 19, 2011 7:51 PM
Message:
would go to seminar--- in 3 weeks and be very specific with questions,,, also could you try for furnished rental short term for insurance companies?? if it is a good house this could work out well with high rent comming in and then peroids where you could test the waters to try and sell again --99.20.xx.xxx |
Contract/RTO/LTO ??? (by Chris [CA]) Posted on: Apr 19, 2011 8:31 PM
Message:
Can he finance it? How much of a down payment can the buyer come up with? I would prefer a straight sale versus RTO complications. --101.108.xxx.xxx |
Contract/RTO/LTO ??? (by J [IN]) Posted on: Apr 20, 2011 3:08 AM
Message:
2 years? Sounds like he needs to change something! I would guess the price is too high. Here is my suggestion figure out what he has in the place and plan to take $10k to the closing table price accordingly dump this property and move on to the next one!!
In Indiana the property taxes are 1% higher for a rental and if the insurance company finds out it is vacant they will drop coverage in a heart beat.
Also something to think about if the buyer has an ample down payment, if you do a land contract and the buyer files the homestead exemption the property taxes are capped at 1% instead of 2%.
Something else to try is to change RE brokers. Go to a flat fee listing broker and set it up so the Buyers broker will receive the 6% commission. It costs about $400 flat fee to list and then whoever sells it gets the commission. I would think realtors would be all over that!
Sorry so long. Good Luck! --67.236.xxx.xxx |
Contract/RTO/LTO ??? (by 574-Brad [IN]) Posted on: Apr 20, 2011 7:15 AM
Message:
Price dropped from $70,000 to $40,000. 4/2 completely (almost) remodeled. Property values similar to your area. Hard to sell because it has no yard, but still, I can't figure why it won't sell. He's had it listed with two different brokers, I don't think that's the problem. --66.228.xxx.xxx |
Contract/RTO/LTO ??? (by J [IN]) Posted on: Apr 20, 2011 7:33 AM
Message:
price seems ok what about the mechanical s? what is almost remodeled? That may be the problem.
With a 4 bedroom and no where for the kids to play in the yard... is there a public play area close or a school playground?
seems to me depending on the area you may take it to the local REIA or rental association see if anyone needs a rental? What part of Indiana is it? --67.236.xxx.xxx |
Contract/RTO/LTO ??? (by Virden [OH]) Posted on: Apr 20, 2011 12:36 PM
Message:
Another idea is visit landlord group who has insurance agent, rent to them while insured gets fire repairs or possibly furnish it for short term students - prepaid on those students. --76.241.xxx.xxx |
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