Hello Penny,

Well, you are asking a lot of questions all at once. Let me see if I can address them for you.

First, the market is not as "horrible" as the media wants us to think. It is a buyer's market so the prices are somewhat deflated. The days of making $20-30,000 profit are gone for the time being. However, a home in a nice location, in good condition and priced within the Fair Market Value (FMV) will sell. Market in San Antonio is taking 90+ days on market (DOM) to sell.

You can list to sell and rent at the same time. See what happens. If you need the money from the property to buy the land you want, then renting is not an option.

As for being a landlord, you then become a small business. You will nto make much money with only one property. You need around 10 active rentals to see a positive cash flow. This is unless you own the properties, then the income is mostly profit.

My suggestion is to stay away from anything except an outright purchase, either cash or traditional financed. My recommendation to my clients is NOT to do an owner finance. QUESTION: Why would you want to play bank to a person who cannot get credit with a real bank?

One of my current clients who did the owner finance gig with a home before she met me is now working with her attorney to forclose. What a pain and costly too.

As for a loan, funds have dried up from what I am told. Try your regular lender first. If you are a veteran then try the Texas Veterans Land Board. Also try for a USDA loan.

Hope this helps. Contact me if I can provide you any other services.

Best wishes,

Dominick Dina
Broker/owner
Christian Realty San Antonio