Thanks for the update Ellen. We too have found the “work with me” people don’t work with ME. Also, I have been harping on the forums that most people are finding the old homes are obsolete and much harder to sell to good tenant-buyers. Thus the frequent fliers in these homes.
Steve
personal question my brother! But I’m gonna answer fully. All of my properties were bought on L/O with no recourse or personal guarantee. A simple 30 day written notice to return is needed.
We fed them for a year (13,780) and at the endof the year we culled out thelosers (12) and returned to Owners.
We couldn’t pay our bills AND feed the losers. There were some sweet properties in there buti came down to slimming down or losing it all…it was that simple.
Sounds simple? It was terrible…
Hope this helps someone!
Greg
Thanks Greg and I do believe it is important for others to know the ups and downs… the total reality.
The lease/option is certainly in the “pro” colomn in this scenario. I believe we both know that those with bank loans in trouble face a much harsher scenario.
Tony
L/O is a totally different animal and I wouldn’t characterize what you did as “giving the properties back .”
Post Edited (11-02-10 18:40)
An example is a 4/2 on 3.5 acres l/o at 415 per month 12 years. rented for 1100 for 2.5 years and suddenly in 2009 only had 4 months rent come in. In 2010 empty for 5 months …turned back in to Owner.
Folks with bankloans are in a tough place…a lot of banks in florida are foregoing a YEAR of payments to keep peeeps in homes.
Greg