Any of yall owner-financing out a house right now?

[BradM]

Fuck that, if they can't qualify for a loan, I sure as fuck am not financing them. Foreclosures are a pain, plus repairs.

[BradM]

P.S. rentals are a different.

[svauto-erotic855]

I like to use this example when talking about government interference in mortgages. I tried this as an experiment some years back. I walked into a Porsche dealer, pointed at a car that was almost $200,000 and could have been the new owner driving away in under 15 minutes. I could not buy a home for less money than that without spending days filling out paperwork and basically having to hand over every piece of financial data that I can get my hands on and even then I would have to sit around with my thumb up my ass wondering if the bank was going to give me permission to buy something. I have told you all before that I've never borrowed money ; what I've never said is the reason why. I simply cannot stand the process of borrowing money and will not put up with it . Owner financing has its place in the world and when I was growing up once my dad quit being a police officer we moved every two years. I think every home we moved out of we owner financed to the new buyers and never had a problem.

[Gasser64]

Oh golly, thanks for pointing out that you have bought two properties with IRS liens on them. The fact that you seem to think that is relevant tells me all I need to know about your expertise on this subject.

So you're the one to ask about foreclosures. Is there any truth to all that "You can get a steal on a foreclosure!" talk? I'm sure you've heard it. People saying that you can buy a foreclosed house for far less than it's worth. Half price, or 75% off. Then you fix it and flip it, of course.

Is that kind of thing real? What's the reality of the situation

[svauto-erotic855]

Foreclosures get sold at auction. To get a good deal there has to be a reason why some other people don't want to bid on the property or for whatever reason there simply aren't that many people bidding.

Edit: I personally don't like flipping houses because I don't like swimming with the sharks. Too much competition means the margins are very low. I want to do things where there is no competition. Recently I've been building small houses in Hunt County. It's really easy to make a cheap house with a 45% profit margin when you're into a lot for $7,000

[Gasser64]

Maybe it would be possible to find somewhere remote where there won't be that many people bidding. Like in those tiny texas towns. Seems like the houses are still $80k-$120k there.