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Real Estate Talk about last-minute

Discussion in 'Real Estate Investing' started by GettingThere, Dec 14, 2007.

  1. GettingThere
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    GettingThere New Contributor

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    In the spirit of not jinxing the whole situation, I will remain calm, and not be too relieved yet.

    I just showed our old house to a person who really wants to rent it. Then I got a call from a realtor that has a client that is interested in renting it. This really is pushing the time table as our mortgage on the house is being paid today...due tomorrow. And yes, this month, our mortgage on the new home was paid as well. :smx4:

    I know contentment is relative, but for us, if one of these renters (preferably the latter) jumps on board, a great deal of stress will be lifted off of my shoulders and I will feel much better about things. That's worth being happy about...once it happens. It will give us a bit of breathing room, which is worth more than I ever thought it would be. In my 24 years of inexperience, this is the most financial risk I have dealt with...and it's a trying ordeal for my wife and I. When it's all said and done, I hope that I will have gained some confidence and learned some lessons along the way so that I ultimately gain the courage and momentum to jump into the fast lane one hop at a time.

    Now, I understand the premise of the thread in another section about being "afraid of the zeros".

    Thanks to everyone again who provided feedback in my initial "What would you do" thread. :thankyousign: Here's hoping.:cheers:

    -John
     
  2. andviv
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    andviv Gold Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass Summit Attendee

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    that is great news. Pay attention to the offer from the realtor. In many cases the agent will ask you to pay for his/her fee for getting you a renter. Find out before signing any contract, so you know what you are getting into.
    In any case, great news, very good news.
     
  3. GettingThere
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    GettingThere New Contributor

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    Thanks for the heads-up.
     
  4. GettingThere
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    GettingThere New Contributor

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    As an update for those who contributed to this saga, a tenant has moved in. It was the second one...the one I was hoping to have in there. He is a single guy whose children (2) visit every other weekend and some week days. The guy is very neat and on top of things. His credit is acceptable and he is handy with small repairs. I feel the house will be in order in the event that I need to show it to a potential buyer.

    This gives us until October '08 with nothing out-of-pocket.

    Let me explain...I realized just now that I neglected to include an important point in my original post. Because we had to move fairly quickly for my wife's job and the market was not favorable, we decided to utilize a "guaranteed rent" option offered by a company here. They act as your realtor on paper and get a commission off of the purchase of your new home (paid by the seller). They use about half of this commission amount to supplement your mortgage payment on the old home. They put your home on the rental market. When the rent is agreed upon, the tenant moves in and pays as usual...this company then sends a check for the remaining portion of the mortgage payment until the "reserve" is exhausted. The more rent paid by tenant, the more time you have without out-of-pocket money. For us, October is the drop-dead date. A little breathing room, but time slows for no one.

    Anyway, thanks to all for the advice. I'm sure there will be more to come, since there is a time constraint and not much of a good outlook on the RE market this year.

    I am going to attempt to self-promote the house...we removed the listing with our realtor, as she was not working out for us. Poor communication and lack of marketing were making things stressful. I feel that with some effort, I could do better on my own. We shall see.

    -John
     

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