Might of found a shop!

cargodz · Post by **cargodz** » Fri Jan 09, 2009 7:06 am

Ryan from Ohio wrote:I think Mike needs to move...lol
I dont think your Landlord would find anyone else to pay that kind of money a month... Especially in this economy...

Well they may just be stuck with it soon. I've been looking harder for a new place and may even take over payments on our daughter's house as she's looking to move into Michigan about halfway between here and Detroit (as that's where her new job is as of the end of Feb.). We'll have to see how all this works out though since I would be downsizing my garage from the shop I have now to a simple 2 and a half car garage (think I'd have to add on an put up a shed as well).

Only upside: I have more than taken advantage of the property here though selling parking for events twice a year for the events at the park.

If you've got that nice of a guy as a landlord, again I say "Jump on it!".
Just make sure that since the guy is older that you have a "First option to buy agreement" put into the lease... This way he (or his family, if anything happens to him) can't sell it out from under you and you end up with a crappy landlord or worse kicked out on your butt. Not to say that you will or won't ever buy the place, but it's some nice insurance to give you time to find someplace else if you need to (or even buy it at that point if you can or want to).

MobileAudio219 · Post by **MobileAudio219** » Fri Jan 09, 2009 5:50 pm

cargodz wrote:Well they may just be stuck with it soon. I've been looking harder for a new place and may even take over payments on our daughter's house as she's looking to move into Michigan about halfway between here and Detroit (as that's where her new job is as of the end of Feb.). We'll have to see how all this works out though since I would be downsizing my garage from the shop I have now to a simple 2 and a half car garage (think I'd have to add on an put up a shed as well).
Only upside: I have more than taken advantage of the property here though selling parking for events twice a year for the events at the park.
If you've got that nice of a guy as a landlord, again I say "Jump on it!".
Just make sure that since the guy is older that you have a "First option to buy agreement" put into the lease... This way he (or his family, if anything happens to him) can't sell it out from under you and you end up with a crappy landlord or worse kicked out on your butt. Not to say that you will or won't ever buy the place, but it's some nice insurance to give you time to find someplace else if you need to (or even buy it at that point if you can or want to).

He surposely told my cousin that he'd do owner financing if somebody wanted to buy it...

That or do a "with option to buy" thing, were if you decide to buy it after a certain amount of time everything you pay for rent gets deducted off the price of the house, or he gives you the amount back for a down payment or something...

I havent talked to the guy yet, been really busy... We're probably going to try to this weekend...

cargodz · Post by **cargodz** » Sat Jan 10, 2009 6:06 am

If you've got a chance at a "lease option" (that's what it called) or an owner financed land contract then definitely jump on it.
If it's lease option just make sure it's on the lease... If you decide to go with land contract make sure he files it with the County so they have it on record.

We're going over to my daughter's later to talk with her about possibly taking over her house... If we do I am most assuredly adding on to the lil garage and putting up a shed for the lawn equipment.

Ryan from Ohio · Post by **Ryan from Ohio** » Sat Jan 10, 2009 6:55 am

I know in Ohio when you do land contracts the usual bank stipulated home inspection doesnt happen. Make sure to have the place professionally gone over if you want to buy.

The cost to buy is probably the same or less than rent.

My Ex's mom/dad bought some place up in Alabama for cheap, including 1 house, 1 double wide modular house, 1 trailer on like 4 tracts land for about $150K. lol

I know your a ways from Alabama, but deals can be had. Especially in this economy.

cargodz · Post by **cargodz** » Sat Jan 10, 2009 8:45 am

Ryan from Ohio wrote: I know your a ways from Alabama, but deals can be had. Especially in this economy.

^ That's kinda what we're looking at with our daughter's house...
We're in desperate need to get out of this pos and she doesn't want to get stuck with 2 house payments... She just refinanced less than a month ago at a really good rate (5.5% fixed) and the payments include taxes and insurance. So we draw up and file an owner financed land contract and take over the payments, then when it's paid off it's ours... So it's kinda win/ win... She doesn't loose a butt load on her house in this market and we move in with no deposit and with the money we save I can fix up the house and garage (add on to garage + shed) and game room and half bath in the basement.

I even got a friend who has a Foosball table that they wanna get rid of and will give me for Free... That'd make a nice addition to the Pool Table, Poker Table, and Electronic Dart Board I have now

Only thing left would be some carpet, wall panels, and build a bar to hold my mini fridge

MobileAudio219 · Post by **MobileAudio219** » Sat Jan 10, 2009 9:05 am

Ryan from Ohio wrote:I know in Ohio when you do land contracts the usual bank stipulated home inspection doesnt happen. Make sure to have the place professionally gone over if you want to buy.
The cost to buy is probably the same or less than rent.
My Ex's mom/dad bought some place up in Alabama for cheap, including 1 house, 1 double wide modular house, 1 trailer on like 4 tracts land for about $150K. lol
I know your a ways from Alabama, but deals can be had. Especially in this economy.

Trailers are dirt cheap around here, its not uncommon for someone to give you one in decent shape, just for you moving it out of their yard... Modular don't sell very well either, you can find used but nice ones for under 5k.

Land can be very cheap (under 1,000 an acre) all the way to 10,000 for a lot (or about 1/4 acre) depending were you buy.

The job market in my area is pretty damn strong, and the housing market hasnt suffered like it has in most other areas..

It's almost like if I didnt watch the news I wouldnt know the economy was in the crapper... Haha, gas did you jump from 1.40 to 1.49 a gallon though..

CaptainPioneer · Post by **CaptainPioneer** » Sun Jan 11, 2009 4:41 am

MobileAudio219 wrote:It's almost like if I didnt watch the news I wouldnt know the economy was in the crapper... Haha, gas did you jump from 1.40 to 1.49 a gallon though..

Oh jease what a travesty lol....

But on that house rental... Thats a pretty nice price... I don't think you could even get close to that kind of price in CT... Definitely not where I live...

I would first ask the current owner for energy consumption, water, etc before you do anything. Because I lived in a house last year in PA that i thought was a killer deal $900 month for 3 guys... Turned out between the crappy boiler, and the gas heat and the house being so old that any heat in it just flew out the seams in the wall, I was paying out the arse in utilities....

Check it all out first.

Make a checklist of all the things that are the positives (Only the house/property) then make a list of improvements that need to be done...

Trust me it will pay off in the end. I am speaking from a general experience with this since my father is a Real Estate agent and I am soon to be getting my license when I have the time.

Good luck... hope it works out for you