Looking for a good real estate forum

[free4now]

As I move towards selling my condo, I'm realizing I need to find a good real estate forum for whatever issues I want feedback on. I used to read the Motley fool "buying and selling a home" forum, but eventually they stopped comping me membership and I'm not going to pay.

Has anyone found a good real estate forum, you know the kinda place with smart helpful people like these boards?

The issue du jour is whether there's some way for me to sell now but also monetize the excellent 3.75% mortgage rate that I have until the middle of 2008. That's approximately a $10k interest savings over todays 6+% rates, and it would be good to find a way of banking that while still selling the place. E.g. if I could make an agreement with a buyer to lease the place until mid 2008 and then do a guaranteed closing at the end of that term. I can see a whole lot of ways that could fall through, but maybe there's some way to make it not so risky?

 

[ADJ]

Try "thecreativeinvestor.com" and "reiclub.com"

 

[Craig]

We did something like you propose on a home we bought, but for a much shorter period of time ...

Former homeowner needed to stay in their home about 60 days after the sale, but needed the cash now ... had a home being built. We just reduced the home price by the market rents (times 2 months), with some adjustment for time value of money. Worked for both of us ... we were in a cash position where this was no big deal, and the lower home price meant lower real estate taxes (which are a killer in the Dallas, TX area). They got the cash they needed, and a roof over their heads. We structured a fair deal that worked for both sides.

Your deal is tough because it is so long a period ... not only a practical challenge, but the IRS could attack the substance of such a sale-leaseback as well. Still ... for an aggressive taxpayer, might get away with this ... upsides to the buyer are: lower price to buy your condo, lower real estate taxes based on that price (your neighbors won't like it ...), and renter who should take care of the place. Downside is no cash flow per se ... though you might get creative with a carryback for the downstroke, and mitigate that issue. Your upside is a lease signed coincident with a closing now, at the reduced rent appropriate for your goal of taking advantage of the low interest rate. Could be done.

Perhaps there is an investor here for you that would fill the bill. Check your PM.

 

[Nords]

Has anyone found a good real estate forum, you know the kinda place with smart helpful people like these boards?

Are you implying that this board is not a good real estate forum?!?

What about a contract for a lease with an option to buy? Even if the sale falls through, over the next 12-18 months you may collect enough above the rent to cushion whatever vacancy/sales difficulties you have in 2008.

 

[Martha]

We are talking about $10,000? What kind of price for the property? My guess is that you will get the best price for the property by not trying any dancing around with leases or other types of contracts with delayed closings. What is your market like? Our market here is dead dead dead so sellers are better off not trying anything fancy. Plus, if your market ends up declining between now and 2008 your buyer could bug out on you.