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Updated over 5 years ago,

User Stats

9
Posts
2
Votes
Aaron Chittum
  • Alexandria, MN
2
Votes |
9
Posts

Four SFR Rental Package: Owner Financing/Wrap? Help!

Aaron Chittum
  • Alexandria, MN
Posted

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:   ?

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