All Forum Posts by: Chris McMonagle

I'm considering a purchase of 3 properties, with one caveat being they need to be seller-financed for at least 5 years. The current owner is retiring and wants consistent income until he hits the age when he can accept Social Security. I've never done a seller-financed transaction, so wondering what questions to ask and if there are specific risks with this type of loan? Any input would be appreciated!

Here are current details:

10-12% down

Fixed Rate consistent with current mortgage rates

30 year Term with expectation I would refinance to a conventional bank mortgage at year 5

No loan origination fee or PMI to pay

Thanks!

Just purchased our first multi-unit and are being told we need to add an electrical meter and sub-panel to capture usage of all shared electric. For our house there are only 2 shared lights: outside light in front of house, and lobby light just inside. 

Anyone with experience in how much installing a new meter / panel and limited amount of rewiring should cost around?