Seller Second Carry Structuring, wholesaleable - 2 part question.

[Tommy Adeoye]

Seller looking to sell a property he has owned for 26 years.

Started off with not  wanting to listen accepting seller financing. After consistent follow, I offered second carry and he spoke to his legal rep and says he is open to the idea.

Property type : 4plex

Neighborhood: Decent about A around Dutchtown STL,MO area.- hot area.

Comparable between : 260 - 310k

Seller will accept 280K - 65k

Seller will second carry $65k . 

Property cash flows :- $380 month minus P T I, vacancy, management fees, capEx, water, sewer, 2 loan pts just in case.

Location fits my buy criteria and I like the deal . 

Q1.) Are there investor friendly banks that will do this deal with just closing costs out of buyer’s pocket? 

If they do, I am thinking, for seller carry, 5% over 9 years, interest only , balloon after 5years seems to keep cash flow intact. Is there a better structure?

Q2.) Let’s say I change my mind and wholesale. Is this contract assignable without breaking the Dodd Frank rule ?