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Updated over 5 years ago,
Four SFR Rental Package: Owner Financing/Wrap? Help!
Ladies and Gents,
One of my leads for off-market deals came to me with one property. Through questions and conversation, I find out he has FOUR SFRs within 3 blocks of a university (16000 enrollment) and after years of being a landlord, he wants out! I'm going to list below the information I have thus far. I have appointments with him next weekend to view the homes and estimate repairs. I'm looking into seller financing and wraps (putting as little down up front as possible), but, with his payments, the numbers look rough.
Can anyone advise if there's something here? I feel there is if I can do it right! He may be too upside down to make it work. My main concern is the amount he owes on the properties and how (if?) I can structure one (or more) wraps where I can give him a small down payment on each property and take over mortgage payments. Is there anything I can do to lower those payments so that these will cash flow (props 1 and 2, mainly)? Any way I can help this guy? I don't know if short sales are appropriate for these? Take it easy on me, this is my first of it's kind!
THANK YOU, BP community! I will post more information as I receive it!
Property 1:
Comp ARV: 100,000
Rent: 1500/mo
Morgage: 155,000
Payments: 1070/mo
Repairs: ?
Property 2:
Comp ARV: 125,000
Rent: 1500/mo
Mortgage: 130,000
Payments: $1060
Repairs: ?
Property 3:
Comp ARV: 126,000
Rent: 1500
Mortgage: 85,000
Payments: 800
Repairs: ?
Property 4:
Comp ARV: 97,000
Rent: 1500
Morgage: 95,000
Payments: 1000
Repairs: ?