All Forum Posts by: Cameron Salmon

Yeah, huge mess to keep it in their name. If you plan to rent, or know it would command good rents, you could possibly do a DSCR loan. Another avenue would be to bring in a cosigner and offer them a stake in equity, return on down payment help, etc... To get your through closing. Good luck, keep us updated!

Yessir currently working on that approach. Bringing in a co-signer(parents!) to fund down payment etc

0 Votes

Houston, Texas

Quote from @Reid Chauvin:

@Cameron Salmon - may I ask why you are not considering a conventional or non-qm long-term loan? Much less complicated than this seller-financing scenario and likely less costly than hard money loan. You can still refinance if rates were to decrease materially after you closed on the loan. You would need to put at least $27k (15%) down plus closing costs and prepaids, so I guess that's the drawback if you don't have enough funds.

I only have 1 year 1099 taxes(I'm a barber and realtor). Haven't found a lender that will approve me until I do taxes for 2022. I'm also a veteran and qualify for VA Loan. Also bring in ~$2300 disability

0 Votes

Houston, Texas

Yea, last night I realized I might not be approaching it right due to all of the complications.

I'm working on securing a hard money loan to buy the property and then refinance into something with lower interest as soon as possible and using long term rent for cash flow.

Another exit strategy would be to sell(I'll have immediate equity when I buy, multiple comps last 6 months 250K+/-, asking price subject property 180K. Thoughts on using hard money for buy and hold then refi?

Other possible strategy is wholesale to straight cash buyer (I have potential buyers in network).

Thanks so much for your replies and time. Thanks

0 Votes

Houston, Texas

I have a property I want to buy from a couple getting a divorce, but it has an existing mortgage with a balance of $150,000. Asking Price is $180,000 with $20,000 down payment. He's okay with seller financing, but is seller financing possible with an existing mortgage? Does the seller hold the mortgage and I just make payments to him? Or would I have to do subject to? Should I consult an attorney to get everything in order or just go through title company? My first deal so I'm lost on what I need to do. I have the down payment ready to go, I just don't really know where to even start paperwork-wise. Thanks for your time everyone.

0 Votes

Houston, Texas

All Forum Posts by: Cameron Salmon

Cameron Salmon has started 1 posts and replied 4 times.

Post: Better to use Owner Financing or Subject to?

Post: Better to use Owner Financing or Subject to?

Post: Better to use Owner Financing or Subject to?

Post: Better to use Owner Financing or Subject to?