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Updated almost 6 years ago, 03/05/2019
Note Buyer(s) Needed for Potential Portfolio of Properties in MD
Hi everyone! I'm looking to potentially buy 4 properties (owned by one investor). He's selling them for $170k and says he has a loan of approximately $100k on them. All of the properties are turnkey (recently renovated) and have tenants with property management in place. I offered 20% down and a rate of 5.25% over 30 years. He wants the cash so that he can pay off the loan(s).
Side note: The owner will have 6 more properties that he needs to sell.
My questions are:
- How do I find note buyers? Is there a database?
- How do I setup an attractive note that note buyers would actually want to purchase?
- Will note buyers require a significant discount to buy a performing note?
- How long does it need to be seasoned before the note can be sold?
Thanks for any help/tips that you may be able to provide.