@jaytrader The condo assn may hate you, but have you considered AirBNB? Comps should be easy to get.
Many condo assns will lose abilities for financing from FHA if they have too many rentals, so they might force you to sell outright.

@jaytrader Hey, I represent that…

I believe there’s still nothing stopping you from still offering 9.9% interest, and using interest+principal to “pricematch” the rent you’d typically offer. (slightly less, since they’re now responsible for property tax)

As you know, there’s one of three outcomes (least to most likely)

1. They will win the lottery, and prepay, leaving you with the full retail price.
2. They will make all the payments, leaving you with nearly 2x retail value.
3. They will want to move in a couple years, and find another person to sell to, or give the keys back to you.

The only thing different now is Dodd-Frank… there’s a limit of only a couple originations per entity per year.

@mikk1 said in Welcome FatWallet Refugees:

Hey y’all, I have a favor to ask. @dangeRuss has done an incredible job of making this happen, and I am very thankful that the FW announcement came out on a weekend allowing several of us to devote time to this effort. Several folks have volunteered to help moderate, build out the site, test, and do the things that need to be done.

That said, we’re all really overtasked with the initial success - we are trying to keep up and build things out/address bugs/respond to suggestions as quickly as possible. Where we need your help is with self-policing the site. If you see stupid or inappropriate things happening, please flag them and/or alert us. We’re not about having a community of rules, but we’re also not going to allow spam and blatant self-promotion. If something doesn’t pass a “sniff test” for quality, we’d appreciate your help in letting us know.

As a FWF contributor, I promise to use all the tact and courtesy that my fellow posters are accustomed to.

Tom

PS. Pay your bills deadbeat.

@cajundavid You might be interested in “Land Contracts”…

They’re an ancient alternative to a mortgage, where you sell the house with seller financing.
That way if the toilet/HVAC has issues at 2AM, it’s their house, plus they get to deduct the interest on their taxes.
If they stop making payments, it’s supposedly a lot easier to foreclose then evict. (this is all state specific).

Thanks again for setting this up!