All Forum Posts by: Beau Griggs

Hi All,

My family has an irrevocable trust that we established last year that has a savings account established with it and we want to use the money in the trust to purchase some property as an investment and I guess I'm just looking for some advice as the best way to go about doing that.

Additionally, what kind of professional would it be best that we discuss our options with, RE Attorney, Tax Attorney, CPA...??

Thanks.

Beau

Thanks everyone for your advice and input.

@Neal Collins - yes those are the terms.

$160,000 w/ $35,000 down

Property 1 - $70,000 will cash flow about 150.00/month - it has long term renters but it would probably be a complete tear down once they move out or take a good chunk of change to get it up to snuff. But the property is large and could potentially support two houses and is in a prime location.

Property 2 - $90,000 won't cash flow right away cause the rent is way under market, once rent comes up would cash flow around 150.00/month but it is probably worth between $125,000 - $165,000.

I can't qualify for a typical mortgage loan right now cause I just moved the area and don't have a job yet but I have money and was thinking of just paying cash for them outright. The owner has multiple properties that he is starting to offload and these are just the first two.

Hi Prudencio,

Thanks for responding, why no balloon, and what do you mean by "try to get i for 5 years?"

I have a deal going for two rental properties with owner financing. The terms are that he'll carry the note for five years with 6.25 ballon 15 years amoratized and no repayment penalty. I think I understand the terms but am hoping that someone might be able to explain it a littl better and also some advice as to any gotchas or anything that I should be aware of.

This is my first rental property deal and first deal in my new area so I want to get this one right. 

Thanks

Beau