On Mon, 27 Jan 2014 23:14:57 -0500, KC wrote:

On 1/27/2014 10:56 PM, Wayne.B wrote:
On Mon, 27 Jan 2014 22:11:14 -0500, "Mr. Luddite"
wrote:

On 1/27/2014 9:29 PM, Wayne.B wrote:
On Mon, 27 Jan 2014 19:25:57 -0500, KC wrote:

After kicking the defendants ass in court today, the judge gave the
babbling bitch and her deadbeat husband 5 days then I get to kick them
to the curb with the marshall... This song kept going through my head
on the way home from court, and I found a great version.. If you like
rock, turn it up, and check it out....

https://www.youtube.com/watch?v=IqP76XWHQI0#t=35

===

That's every owner's nightmare. Do you have a strategy to keep it
from happening again?



I would. Sell it.


===

There are people who seem to be successful at renting out property.
I've met a few. I think part of the key is probably to do a very
extensive background check. Deadbeats tend to be repeat offenders
and leave a trail of debris behind them. I think another key is to
have a really air tight lease/rental agreement with well defined
deadlines and penalties for late payment. If you want high end
tenants however you really need to start with a high end property.
That may not ne the case here.


If we ever do rent again we will certainly do all of the above. Another
thing I have picked up on is again, I am empathetic to folks with kids,
and tend to let them fall behind until it's just too deep. If I rent
again, and I always do have an airtight lease, saved my ass today for
sure... Anyway, if I rent again, first time late rent, warning, second
time, even a day, start proceedings.. This really gives a more serious
tenant 6 months to either fight, or straighten out and get it right....

I've never regretted selling the rental properties. Yeah, sometimes I wonder how much I could get
for them today, but probably not much more than I did. Plus I've gone without a whole lot of
headaches. You know what they say about the two happiest boating days...buying it and selling it.
The same is true of a rental, if you ask me.

On 1/28/2014 7:30 AM, Poco Loco wrote:
On Mon, 27 Jan 2014 23:14:57 -0500, KC wrote:

On 1/27/2014 10:56 PM, Wayne.B wrote:
On Mon, 27 Jan 2014 22:11:14 -0500, "Mr. Luddite"
wrote:

On 1/27/2014 9:29 PM, Wayne.B wrote:
On Mon, 27 Jan 2014 19:25:57 -0500, KC wrote:

After kicking the defendants ass in court today, the judge gave the
babbling bitch and her deadbeat husband 5 days then I get to kick them
to the curb with the marshall... This song kept going through my head
on the way home from court, and I found a great version.. If you like
rock, turn it up, and check it out....

https://www.youtube.com/watch?v=IqP76XWHQI0#t=35

===

That's every owner's nightmare. Do you have a strategy to keep it
from happening again?



I would. Sell it.


===

There are people who seem to be successful at renting out property.
I've met a few. I think part of the key is probably to do a very
extensive background check. Deadbeats tend to be repeat offenders
and leave a trail of debris behind them. I think another key is to
have a really air tight lease/rental agreement with well defined
deadlines and penalties for late payment. If you want high end
tenants however you really need to start with a high end property.
That may not ne the case here.


If we ever do rent again we will certainly do all of the above. Another
thing I have picked up on is again, I am empathetic to folks with kids,
and tend to let them fall behind until it's just too deep. If I rent
again, and I always do have an airtight lease, saved my ass today for
sure... Anyway, if I rent again, first time late rent, warning, second
time, even a day, start proceedings.. This really gives a more serious
tenant 6 months to either fight, or straighten out and get it right....

I've never regretted selling the rental properties. Yeah, sometimes I wonder how much I could get
for them today, but probably not much more than I did. Plus I've gone without a whole lot of
headaches. You know what they say about the two happiest boating days...buying it and selling it.
The same is true of a rental, if you ask me.



If you don't have a mortgage on the property and would like to generate
long term income on it without renting it another option is to do a
seller financed sale.

The requirement to qualify the buyer still exists but people who are
buying rather than renting typically will have a higher respect for the
property because they are acquiring equity in it. Best thing for the
sellers is that they will earn the interest that otherwise a bank would
earn. Over a 15 or 30 year term, it is a significant amount.

The buyer assumes all responsibility for maintenance, repairs and
insurance just like in a conventional bank mortgage. If the buyer sells
the house, the seller gets paid the outstanding principal due, just like
a bank loan. One difference however is that according to our attorney,
it is much easier and faster to foreclose and evict should the buyer
default than what bank foreclosure requirements are.

We had two properties that we sold this way, the first being almost 10
years ago. Neither party have ever been a day late on their monthly
payments. If both parties go the full term of the mortgages (30 years)
we will receive much more in total principal/interest that what we would
have by a conventional sale.

The other benefit is that capital gains taxes (if they apply) are spread
out over the term of the mortgage and the principal component of the
monthly payment is not considered income for income tax purposes. Only
the interest is taxable.

The two sales that we did this way provide a nice, regular income to
supplement whatever other sources of income we have.

On 1/28/2014 8:09 AM, Mr. Luddite wrote:
On 1/28/2014 7:30 AM, Poco Loco wrote:
On Mon, 27 Jan 2014 23:14:57 -0500, KC wrote:

On 1/27/2014 10:56 PM, Wayne.B wrote:
On Mon, 27 Jan 2014 22:11:14 -0500, "Mr. Luddite"
wrote:

On 1/27/2014 9:29 PM, Wayne.B wrote:
On Mon, 27 Jan 2014 19:25:57 -0500, KC wrote:

After kicking the defendants ass in court today, the judge gave the
babbling bitch and her deadbeat husband 5 days then I get to kick
them
to the curb with the marshall... This song kept going through
my head
on the way home from court, and I found a great version.. If you
like
rock, turn it up, and check it out....

https://www.youtube.com/watch?v=IqP76XWHQI0#t=35

===

That's every owner's nightmare. Do you have a strategy to keep it
from happening again?



I would. Sell it.


===

There are people who seem to be successful at renting out property.
I've met a few. I think part of the key is probably to do a very
extensive background check. Deadbeats tend to be repeat offenders
and leave a trail of debris behind them. I think another key is to
have a really air tight lease/rental agreement with well defined
deadlines and penalties for late payment. If you want high end
tenants however you really need to start with a high end property.
That may not ne the case here.


If we ever do rent again we will certainly do all of the above. Another
thing I have picked up on is again, I am empathetic to folks with kids,
and tend to let them fall behind until it's just too deep. If I rent
again, and I always do have an airtight lease, saved my ass today for
sure... Anyway, if I rent again, first time late rent, warning, second
time, even a day, start proceedings.. This really gives a more serious
tenant 6 months to either fight, or straighten out and get it right....

I've never regretted selling the rental properties. Yeah, sometimes I
wonder how much I could get
for them today, but probably not much more than I did. Plus I've gone
without a whole lot of
headaches. You know what they say about the two happiest boating
days...buying it and selling it.
The same is true of a rental, if you ask me.



If you don't have a mortgage on the property and would like to generate
long term income on it without renting it another option is to do a
seller financed sale.

The requirement to qualify the buyer still exists but people who are
buying rather than renting typically will have a higher respect for the
property because they are acquiring equity in it. Best thing for the
sellers is that they will earn the interest that otherwise a bank would
earn. Over a 15 or 30 year term, it is a significant amount.

The buyer assumes all responsibility for maintenance, repairs and
insurance just like in a conventional bank mortgage. If the buyer sells
the house, the seller gets paid the outstanding principal due, just like
a bank loan. One difference however is that according to our attorney,
it is much easier and faster to foreclose and evict should the buyer
default than what bank foreclosure requirements are.

We had two properties that we sold this way, the first being almost 10
years ago. Neither party have ever been a day late on their monthly
payments. If both parties go the full term of the mortgages (30 years)
we will receive much more in total principal/interest that what we would
have by a conventional sale.

The other benefit is that capital gains taxes (if they apply) are spread
out over the term of the mortgage and the principal component of the
monthly payment is not considered income for income tax purposes. Only
the interest is taxable.

The two sales that we did this way provide a nice, regular income to
supplement whatever other sources of income we have.

Wow, that is a great idea I have never explored... Thanks man...

On 1/28/2014 8:30 AM, KC wrote:
On 1/28/2014 8:09 AM, Mr. Luddite wrote:
On 1/28/2014 7:30 AM, Poco Loco wrote:
On Mon, 27 Jan 2014 23:14:57 -0500, KC wrote:

On 1/27/2014 10:56 PM, Wayne.B wrote:
On Mon, 27 Jan 2014 22:11:14 -0500, "Mr. Luddite"
wrote:

On 1/27/2014 9:29 PM, Wayne.B wrote:
On Mon, 27 Jan 2014 19:25:57 -0500, KC
wrote:

After kicking the defendants ass in court today, the judge gave the
babbling bitch and her deadbeat husband 5 days then I get to kick
them
to the curb with the marshall... This song kept going through
my head
on the way home from court, and I found a great version.. If you
like
rock, turn it up, and check it out....

https://www.youtube.com/watch?v=IqP76XWHQI0#t=35

===

That's every owner's nightmare. Do you have a strategy to keep it
from happening again?



I would. Sell it.


===

There are people who seem to be successful at renting out property.
I've met a few. I think part of the key is probably to do a very
extensive background check. Deadbeats tend to be repeat offenders
and leave a trail of debris behind them. I think another key is to
have a really air tight lease/rental agreement with well defined
deadlines and penalties for late payment. If you want high end
tenants however you really need to start with a high end property.
That may not ne the case here.


If we ever do rent again we will certainly do all of the above. Another
thing I have picked up on is again, I am empathetic to folks with kids,
and tend to let them fall behind until it's just too deep. If I rent
again, and I always do have an airtight lease, saved my ass today for
sure... Anyway, if I rent again, first time late rent, warning, second
time, even a day, start proceedings.. This really gives a more serious
tenant 6 months to either fight, or straighten out and get it right....

I've never regretted selling the rental properties. Yeah, sometimes I
wonder how much I could get
for them today, but probably not much more than I did. Plus I've gone
without a whole lot of
headaches. You know what they say about the two happiest boating
days...buying it and selling it.
The same is true of a rental, if you ask me.



If you don't have a mortgage on the property and would like to generate
long term income on it without renting it another option is to do a
seller financed sale.

The requirement to qualify the buyer still exists but people who are
buying rather than renting typically will have a higher respect for the
property because they are acquiring equity in it. Best thing for the
sellers is that they will earn the interest that otherwise a bank would
earn. Over a 15 or 30 year term, it is a significant amount.

The buyer assumes all responsibility for maintenance, repairs and
insurance just like in a conventional bank mortgage. If the buyer sells
the house, the seller gets paid the outstanding principal due, just like
a bank loan. One difference however is that according to our attorney,
it is much easier and faster to foreclose and evict should the buyer
default than what bank foreclosure requirements are.

We had two properties that we sold this way, the first being almost 10
years ago. Neither party have ever been a day late on their monthly
payments. If both parties go the full term of the mortgages (30 years)
we will receive much more in total principal/interest that what we would
have by a conventional sale.

The other benefit is that capital gains taxes (if they apply) are spread
out over the term of the mortgage and the principal component of the
monthly payment is not considered income for income tax purposes. Only
the interest is taxable.

The two sales that we did this way provide a nice, regular income to
supplement whatever other sources of income we have.

Wow, that is a great idea I have never explored... Thanks man...

Yeah, it works in unique circumstances where you don't need the proceeds
from the sale to purchase another house and you don't have a mortgage on
the property you are selling.

The second house we sold this way was to a young couple that my wife
knew through her horse network of friends. The market value of the
house was a little higher than what they could afford in monthly
payments in a conventional bank mortgage. We worked it out by
determining what amount in principal and interest they could comfortably
afford and sold it to them for that amount. To protect us, I included
an early payoff penalty for a period of 6 years (in case they sold it)
that would guarantee us the full market price had we sold it
conventionally. Worked out good for them and we will more than make up
the difference in market value in interest paid. Already has.

On 1/28/2014 8:30 AM, KC wrote:

On 1/28/2014 8:09 AM, Mr. Luddite wrote:


The two sales that we did this way provide a nice, regular income to
supplement whatever other sources of income we have.

Wow, that is a great idea I have never explored... Thanks man...


One thing you have to consider is what you could otherwise earn on the
proceeds of a conventional sale, if invested elsewhere.

In our case, being a conservative investor, I am more comfortable with
the interest earned on the mortgages than I would be in other
investments (like the stock market) that *could* possibly result in
higher yields.

When we did the mortgages, interest rates were much higher than they are
now. I think one is at 6.5% and the other is 8%. We are satisfied with
that.

On 1/28/2014 9:01 AM, Mr. Luddite wrote:
On 1/28/2014 8:30 AM, KC wrote:
On 1/28/2014 8:09 AM, Mr. Luddite wrote:
On 1/28/2014 7:30 AM, Poco Loco wrote:
On Mon, 27 Jan 2014 23:14:57 -0500, KC wrote:

On 1/27/2014 10:56 PM, Wayne.B wrote:
On Mon, 27 Jan 2014 22:11:14 -0500, "Mr. Luddite"

wrote:

On 1/27/2014 9:29 PM, Wayne.B wrote:
On Mon, 27 Jan 2014 19:25:57 -0500, KC
wrote:

After kicking the defendants ass in court today, the judge gave
the
babbling bitch and her deadbeat husband 5 days then I get to kick
them
to the curb with the marshall... This song kept going through
my head
on the way home from court, and I found a great version.. If you
like
rock, turn it up, and check it out....

https://www.youtube.com/watch?v=IqP76XWHQI0#t=35

===

That's every owner's nightmare. Do you have a strategy to keep it
from happening again?



I would. Sell it.


===

There are people who seem to be successful at renting out property.
I've met a few. I think part of the key is probably to do a very
extensive background check. Deadbeats tend to be repeat offenders
and leave a trail of debris behind them. I think another key is to
have a really air tight lease/rental agreement with well defined
deadlines and penalties for late payment. If you want high end
tenants however you really need to start with a high end property.
That may not ne the case here.


If we ever do rent again we will certainly do all of the above.
Another
thing I have picked up on is again, I am empathetic to folks with
kids,
and tend to let them fall behind until it's just too deep. If I rent
again, and I always do have an airtight lease, saved my ass today for
sure... Anyway, if I rent again, first time late rent, warning, second
time, even a day, start proceedings.. This really gives a more serious
tenant 6 months to either fight, or straighten out and get it
right....

I've never regretted selling the rental properties. Yeah, sometimes I
wonder how much I could get
for them today, but probably not much more than I did. Plus I've gone
without a whole lot of
headaches. You know what they say about the two happiest boating
days...buying it and selling it.
The same is true of a rental, if you ask me.



If you don't have a mortgage on the property and would like to generate
long term income on it without renting it another option is to do a
seller financed sale.

The requirement to qualify the buyer still exists but people who are
buying rather than renting typically will have a higher respect for the
property because they are acquiring equity in it. Best thing for the
sellers is that they will earn the interest that otherwise a bank would
earn. Over a 15 or 30 year term, it is a significant amount.

The buyer assumes all responsibility for maintenance, repairs and
insurance just like in a conventional bank mortgage. If the buyer sells
the house, the seller gets paid the outstanding principal due, just like
a bank loan. One difference however is that according to our attorney,
it is much easier and faster to foreclose and evict should the buyer
default than what bank foreclosure requirements are.

We had two properties that we sold this way, the first being almost 10
years ago. Neither party have ever been a day late on their monthly
payments. If both parties go the full term of the mortgages (30 years)
we will receive much more in total principal/interest that what we would
have by a conventional sale.

The other benefit is that capital gains taxes (if they apply) are spread
out over the term of the mortgage and the principal component of the
monthly payment is not considered income for income tax purposes. Only
the interest is taxable.

The two sales that we did this way provide a nice, regular income to
supplement whatever other sources of income we have.

Wow, that is a great idea I have never explored... Thanks man...

Yeah, it works in unique circumstances where you don't need the proceeds
from the sale to purchase another house and you don't have a mortgage on
the property you are selling.

The second house we sold this way was to a young couple that my wife
knew through her horse network of friends. The market value of the
house was a little higher than what they could afford in monthly
payments in a conventional bank mortgage. We worked it out by
determining what amount in principal and interest they could comfortably
afford and sold it to them for that amount. To protect us, I included
an early payoff penalty for a period of 6 years (in case they sold it)
that would guarantee us the full market price had we sold it
conventionally. Worked out good for them and we will more than make up
the difference in market value in interest paid. Already has.

If I move to Essex, and continue to pay mortgage there, I could sell
this one as I do own it free and clear...... Is it difficult, are there
attys out there that know how to do this correctly, I imagine there must be?

On 1/28/2014 9:26 AM, KC wrote:
On 1/28/2014 9:01 AM, Mr. Luddite wrote:
On 1/28/2014 8:30 AM, KC wrote:
On 1/28/2014 8:09 AM, Mr. Luddite wrote:
On 1/28/2014 7:30 AM, Poco Loco wrote:
On Mon, 27 Jan 2014 23:14:57 -0500, KC wrote:

On 1/27/2014 10:56 PM, Wayne.B wrote:
On Mon, 27 Jan 2014 22:11:14 -0500, "Mr. Luddite"

wrote:

On 1/27/2014 9:29 PM, Wayne.B wrote:
On Mon, 27 Jan 2014 19:25:57 -0500, KC
wrote:

After kicking the defendants ass in court today, the judge gave
the
babbling bitch and her deadbeat husband 5 days then I get to kick
them
to the curb with the marshall... This song kept going through
my head
on the way home from court, and I found a great version.. If you
like
rock, turn it up, and check it out....

https://www.youtube.com/watch?v=IqP76XWHQI0#t=35

===

That's every owner's nightmare. Do you have a strategy to
keep it
from happening again?



I would. Sell it.


===

There are people who seem to be successful at renting out property.
I've met a few. I think part of the key is probably to do a very
extensive background check. Deadbeats tend to be repeat offenders
and leave a trail of debris behind them. I think another key is to
have a really air tight lease/rental agreement with well defined
deadlines and penalties for late payment. If you want high end
tenants however you really need to start with a high end property.
That may not ne the case here.


If we ever do rent again we will certainly do all of the above.
Another
thing I have picked up on is again, I am empathetic to folks with
kids,
and tend to let them fall behind until it's just too deep. If I rent
again, and I always do have an airtight lease, saved my ass today for
sure... Anyway, if I rent again, first time late rent, warning,
second
time, even a day, start proceedings.. This really gives a more
serious
tenant 6 months to either fight, or straighten out and get it
right....

I've never regretted selling the rental properties. Yeah, sometimes I
wonder how much I could get
for them today, but probably not much more than I did. Plus I've gone
without a whole lot of
headaches. You know what they say about the two happiest boating
days...buying it and selling it.
The same is true of a rental, if you ask me.



If you don't have a mortgage on the property and would like to generate
long term income on it without renting it another option is to do a
seller financed sale.

The requirement to qualify the buyer still exists but people who are
buying rather than renting typically will have a higher respect for the
property because they are acquiring equity in it. Best thing for the
sellers is that they will earn the interest that otherwise a bank would
earn. Over a 15 or 30 year term, it is a significant amount.

The buyer assumes all responsibility for maintenance, repairs and
insurance just like in a conventional bank mortgage. If the buyer sells
the house, the seller gets paid the outstanding principal due, just
like
a bank loan. One difference however is that according to our attorney,
it is much easier and faster to foreclose and evict should the buyer
default than what bank foreclosure requirements are.

We had two properties that we sold this way, the first being almost 10
years ago. Neither party have ever been a day late on their monthly
payments. If both parties go the full term of the mortgages (30 years)
we will receive much more in total principal/interest that what we
would
have by a conventional sale.

The other benefit is that capital gains taxes (if they apply) are
spread
out over the term of the mortgage and the principal component of the
monthly payment is not considered income for income tax purposes. Only
the interest is taxable.

The two sales that we did this way provide a nice, regular income to
supplement whatever other sources of income we have.

Wow, that is a great idea I have never explored... Thanks man...

Yeah, it works in unique circumstances where you don't need the proceeds
from the sale to purchase another house and you don't have a mortgage on
the property you are selling.

The second house we sold this way was to a young couple that my wife
knew through her horse network of friends. The market value of the
house was a little higher than what they could afford in monthly
payments in a conventional bank mortgage. We worked it out by
determining what amount in principal and interest they could comfortably
afford and sold it to them for that amount. To protect us, I included
an early payoff penalty for a period of 6 years (in case they sold it)
that would guarantee us the full market price had we sold it
conventionally. Worked out good for them and we will more than make up
the difference in market value in interest paid. Already has.

If I move to Essex, and continue to pay mortgage there, I could sell
this one as I do own it free and clear...... Is it difficult, are there
attys out there that know how to do this correctly, I imagine there must
be?

Not difficult at all. I basically wrote up the terms and conditions
myself and then had it reviewed by our accountant. He actually drafted
the formal mortgage agreement. He didn't change a thing and gave it his
thumbs up of approval.

I checked with our attorney to make sure there were not any unique
requirements or legal issues we didn't know about. That's when he told
me that in the case of default a seller financed mortgage is much
easier to foreclose upon than a bank mortgage. He also said it was a
good deal for both parties and handled the closing that was very informal.

On 1/28/2014 9:39 AM, Mr. Luddite wrote:


Not difficult at all. I basically wrote up the terms and conditions
myself and then had it reviewed by our accountant. He actually drafted
the formal mortgage agreement. He didn't change a thing and gave it his
thumbs up of approval.

Listen, I am gonna' come right out and ask...even though I understand I
have no ground to ask any more favors from you... but anyway. Would you
consider stripping any personal info out of one of those agreements and
sending it to so I may study the structure and
protocol and contents? Thanks...

I checked with our attorney to make sure there were not any unique
requirements or legal issues we didn't know about. That's when he told
me that in the case of default a seller financed mortgage is much
easier to foreclose upon than a bank mortgage. He also said it was a
good deal for both parties and handled the closing that was very informal.


Yes, I am sure my local laws might be different, but the same
protections surely would be desired, just might have to go about them
differently here.. But I am sure your agreement would be a great start
for us...

On 1/28/2014 12:09 PM, KC wrote:
On 1/28/2014 9:39 AM, Mr. Luddite wrote:


Not difficult at all. I basically wrote up the terms and conditions
myself and then had it reviewed by our accountant. He actually drafted
the formal mortgage agreement. He didn't change a thing and gave it his
thumbs up of approval.

Listen, I am gonna' come right out and ask...even though I understand I
have no ground to ask any more favors from you... but anyway. Would you
consider stripping any personal info out of one of those agreements and
sending it to so I may study the structure and
protocol and contents? Thanks...

I checked with our attorney to make sure there were not any unique
requirements or legal issues we didn't know about. That's when he told
me that in the case of default a seller financed mortgage is much
easier to foreclose upon than a bank mortgage. He also said it was a
good deal for both parties and handled the closing that was very
informal.


Yes, I am sure my local laws might be different, but the same
protections surely would be desired, just might have to go about them
differently here.. But I am sure your agreement would be a great start
for us...


I don't have any of the original electronic files (they were done on a
computer from years ago) but we have the original hardcopy documents.
I'll find the one that had the "penalty" clause in it because it was the
more complex of the two and I'll scan it, electronically white out any
non-pertinent sections and send it to you. Might take a day or two.
Mrs.E. has all that stuff and I'll have to ask her to dig it up.

On 1/28/2014 12:54 PM, Mr. Luddite wrote:
On 1/28/2014 12:09 PM, KC wrote:
On 1/28/2014 9:39 AM, Mr. Luddite wrote:


Not difficult at all. I basically wrote up the terms and conditions
myself and then had it reviewed by our accountant. He actually drafted
the formal mortgage agreement. He didn't change a thing and gave it his
thumbs up of approval.

Listen, I am gonna' come right out and ask...even though I understand I
have no ground to ask any more favors from you... but anyway. Would you
consider stripping any personal info out of one of those agreements and
sending it to so I may study the structure and
protocol and contents? Thanks...

I checked with our attorney to make sure there were not any unique
requirements or legal issues we didn't know about. That's when he told
me that in the case of default a seller financed mortgage is much
easier to foreclose upon than a bank mortgage. He also said it was a
good deal for both parties and handled the closing that was very
informal.


Yes, I am sure my local laws might be different, but the same
protections surely would be desired, just might have to go about them
differently here.. But I am sure your agreement would be a great start
for us...


I don't have any of the original electronic files (they were done on a
computer from years ago) but we have the original hardcopy documents.
I'll find the one that had the "penalty" clause in it because it was the
more complex of the two and I'll scan it, electronically white out any
non-pertinent sections and send it to you. Might take a day or two.
Mrs.E. has all that stuff and I'll have to ask her to dig it up.


And she'll say "Why"