**First Deal: Exploring Mortgage Assumption and Negotiation on a Competitive Property

[David Ricketts]

Hello, everyone!

Excited to be diving deeper into real estate investing and making time for my first deal. I’ve been exploring various strategies to land a solid rental property, and I’m particularly interested in trying mortgage assumption for this one.

I'm currently looking at a property listed at $350K. It was originally purchased for around $150K in 2020, with a $50K HELOC added in 2022. I'm collaborating with an investor who can help cover the remaining balance, but since the property isn't in the best shape, and maybe fairly priced, but I'm evaluating how much room I might have to negotiate. It does seem competitively priced for the area.

If anyone has insights into how the existing HELOC might impact the mortgage assumption or tips for negotiating on a deal like this, I'd greatly appreciate it. Looking forward to hearing your thoughts!

Thanks in advance,
David

[Chris Seveney]

@David Ricketts

If it's not a VA loan you will not be able to assume the loan. People have done loans subject to but the original borrower stays on the loan and it could be at risk to be called once a deed is transferred