Taking over payments

[Chase Kurtz]

Hello everyone!

I am new to real estate investing and recently put out a bunch of bandit signs in Illinois. I got a bunch of leads very fast and now I have a situation and need help from someone with more experience.

I found an investor that has 5 properties and wants to get out of them due to health issues. They told me that I could take over the mortgage, but from what I understand is that most banks will not allow that and could possibly call that loan due. So the solution I had come up with is to take over responsibility of the properties, pay the mortgage for the owner and manage the properties. This way no bank would need to be involved. Basically "rent to own." Which is ideal for me because of recently having back surgery and being on disability for the time being.

The owner got back to me and wants me to meet him and his banker tomorrow to talk about this idea. Like I said, I do not know if the bank should be aware of this plan or not. Can anyone please let me know if I should not meet with his banker and just talk to him without the bank knowing or what?

Thank you