This week we closed on the sale of one of the houses we bought a few years ago and renovated. It was almost unlivable when we got it, but we were able to fix it up enough to be a good rental property for a couple of years.
Next, we completed the renovations to make the house in good enough shape to sell. It’s on a busy street, so we knew it would take a special client to purchase it.
The house is one we’ve showed you before. It’s very cute and on a large lot (really three city lots all merged together). It has a screened porch and a huge master bedroom. It’s perfect for a couple with no kids who need only a bedroom and an office.
Lucky for us, a young woman approached us, wanting to buy a house with non-traditional financing, since her student loans made it hard to qualify for something traditional. We were happy to work out an owner financing sale for them that made their payments half what they were paying to rent a house in Temple.
The new owner can use the bedroom as her law office until she can rent or buy her own building, and there’s plenty of space for her fiance to put in gardens and fence in a space for their dogs.
With this kind of arrangement, we expect that the buyer will refinance to a traditional loan a few years down the road, but this let them move to her home town sooner rather than later and get to earning the money to do additional improvements and meet her other goals.
We all win, since we get income and interest all this time. It’s a better life for everybody.
We are always ready to talk to you about buying and selling in ways that work for YOU. Call us at 512-807-8777!