Doug Voss

Current financial market conditions has rejuvinated an age old form of financing for current home sales. Seller Financing. There are many people today, trying to sell their home, hitting major road blocks with Buyer's that are good people, able to make the payments, but cannot, for one reason or another, qualify for a bank loan right now. Savvy Sellers should be offering seller financing and getting creative to get the deal done.

Buying a house and having the Seller keep his existing loan in place until the economy turns around and the Buyer can better qualify to cash out the Seller is a great option. Especially if the Seller can afford and qualify to go out and get another home loan without paying off their current mortgage.

I'm not a Real Estate trainer, but with a little coaching and a willing Seller and Buyer, it can be done and quickly. Far less closing hassles dealing with current conventional lending requirements. If you have gotten a mortgage lately, you have to practically get the Pope to sign in blood before they will loan you the money.

Buyers...talk to FSBO Sellers about carrying back part of the financing or possibly a major portion of it. Sellers...consider offering creative options to allow somewhat marginal Buyers the chance to own your home with your help. There are payoffs if it is setup right.

If you have any thoughts, please feel free to comment or share your experiences.

Doug Voss, KC Improved Housing Solutions

913-856-5466

agent for Realty Resource of KC

Many houses built in the 40's and 50's were clad with a very hardy type Asbestos shingle. Today, we remodel a bunch of these old homes and occasionally need to do something with these old shingles because there is much damage and need to be matched or removed and re-sided with something different. If removal is the only option, the disposal of the Asbestos material is an issue. In my state, and I suspect in many others, there are certified landfills that are authorized to take Asbestos and certain other toxic wastes as long as they are "packaged" correctly and "handled" correctly. A few years ago, I completely demolished an old roadside motel that had this stuff for siding and roofing. I called the disposal company and they told me that it was no problem, I could remove the stuff myself (no sawing or scoring could be done that would cause dust particles). They dropped a low-boy dumpster at the site, we lined the entire inside with heavy plastic and let it hang out about 10' all around. After we filled the dumpster with the shingles, we simply wrapped them all up like a burrito and they came and picked it up and hauled it to the landfill. Pretty painless. Now, just to make sure I was complying with all the regulations, I went to the City and got a demo permit and explained to them what was going on and they agreed with the disposal company. I also had a friend that worked for an environmental testing firm confirm these methods. All agreed.

We did the work.

We didn't raise any dust!

Something good to know, if you do a lot of remodeling!

Doug Voss

KC Improved Housing Solutions 913-856-5466

Many residents of the inner city desire to be Home Owners. The Urban Core has an abundance of homes that most any of these residents could own if they just had a little help from someone that cares. Real Estate Investors have a unique opportunity to provide help to these wanna be Home Owners. I have been buying inner city houses now for about 2 1/2 years and have talked to many applicants for my rental properties. About 60%-75% of them would like to buy the house they are about to rent from me, so I provide a way for them to eventually own it. It gives them a chance to own a home, and I get to recoup my investment quicker than if I only rented to them. Plus, as a bonus, if they Rent-to-Own, I get a more responsible renter that will take better care of the home because they are working to eventually own it.

I invest in the Urban Core and also in the pretty neighborhoods. The benefits of helping 1st Time Home Buyers who might not have had a chance without me, exist in both types of areas. I get a buzz out of doing this for people and I get to make a little money at the same time.

Doug Voss, KC Improved Housing Solutions 913-856-5466

KC Investment Property, KC Rental Property, Lease Option, Rent to Own, First Time Home Buyer, Kansas City Real Estate, KC Improved Housing Solutions

Occasionally, when ripping apart an old house, I find hidden treasures behind old base boards, under built-in casework, even inside old drains. Last week I found a solitaire diamond ring. IT WAS HUGE. At least a carat plus. That was exciting.

Once, when remodeling an old house that was originally built in 1929 for a local Banker, I found several interesting items. First, there were several old coins, the most valuable one was a 1900 Liberty Quarter. I discovered that is was worth about $30. Then there was several old pictures, old love letters, and part of an old newspaper dated 1936.

A friend of mine was helping an old family friend clean out their attic after her husband had died and they were selling off the estate. They found many valuable Treasury Bills and some old Stock Certificates up there. I'm not sure of the worth of that find but it was significant.

I remember when I was bout 10, my Great Grandma had died and we were selling her house and all the personal belongings inside the house. My Great Uncle was sure that Great Grandpa had hidden a fortune in the walls of that old house. He made sure he was the highest bidder so he would end up with the house. He tore that entire house apart looking for a treasure that never existed. (They were poor as church mice)

Have you ever found anything of value when remodeling an old home?

It sure is fun when I find something old, especially when it has some value.

Oh! As for that diamond solitaire...it was a genuine FAKE!

Maybe better luck next time, huh.

Good Luck to You!

Doug Voss

KC Improved Housing Solutions

913-856-5466

As a RE Investor and RE Agent I find that many 1st Time Home Buyers (1THB's) can't qualify right now for a home mortgage. Many have a few bucks saved up though and can put a small amount down to purchase a home. Their credit doesn't meet the requirements of lenders so they are stuck. Whenever I can I suggest to Sellers to accept an offer for Lease Option. They can get a small downpayment and possibly create a few hundred dollars cash flow each month. Many times the Buyer can get into a position to qualify for long term financing within a period of time, like 6-12 months, and cash out the Seller. This is a Win/Win arrangement for the Buyer and Seller and I still get paid for the transaction. What's better than that?

Doug Voss, KC Improved Housing Solutions . . . 913-856-5466

Realty Resource of KC