All Forum Posts by: Chris Shuptar

Thanks for the advice. I have a go-to real estate attorney. I'm confident that I can make this go pretty smooth. Also, the guy that does all my mortgages for me is super knowledgeable and extremely helpful with this kinda stuff. He's always on the up and up about the latest changes to real estate rules and regulations. It also helps that he lives right across the street. :)

I want to buy my neighbor's house. They just had their first kid and they have already bought another house. They considered renting their current house, but I'm trying to convince them to sell it to me. Luckily, they were very open to the idea. But they said they'd only want to sell it if we leave the agents out of it. Totally fine by me. We live in a very desirable area and I know their house is immaculate and freshly remodeled (I helped them do some of the work). I've never purchased a house without an agent before... so I am just curious about the process. I'm sure it's been talked about a million times on BP but I can't find any good threads. So here are my questions: 1. How do you buy without an agent? 2. Would I need my attorney to get involved? 3. Is there anything I should be aware of? 4. Are there any oddball rules and regulations that I should consider when doing my typical rental property analysis?

I just joined the MeetUp group. I plan to be there.

Ha! Sorry for the confusion. I meant that over time. Obviously they wouldn't pay one lump sum. I could just let their payments hang out in the bank and collect the interest until it reaches a point where I could go pick out some other rental properties. But what kind of terms should I offer them to make it worth my while? Of course I'd rather just sell it to someone that is buying with a conventional loan, but I'm just trying to go out of my way to help someone out by seller financing.

To clarify, they don't have a lot of money to put down and it'd probably be difficult for them to secure a conventional loan. But they have never missed a payment with me and they are super reliable tenants that take care of my property very well.

I wasn't sure where to post this, but some tenants of mine have expressed interest in buying the home after their 3rd year of renting (which is coming up in September). This unit is a pretty good money maker for me, but I have so much equity in it that I'd consider selling it to them and using that money to go buy two or three other houses. They are great/reliable tenants and good friends of mine for the last 15 years. I'd be more than happy to offer them seller financing and I want to give them a good deal, but how do I present the deal and how should negotiations begin? I've never done this before.

I am in a similar situation. Plenty of cash, great credit score, almost zero debt, tons of equity in my properties... but technically only make $20k/year and that is seasonal at best (Union Operator). It's super tough to get financed for anything even though I can put down $40-60k cash without breaking a sweat. Where is the best place for commercial lending?

Honestly, I just want the property to store some of my car collection. Strangely enough, it's an acre of land that is right in the middle of a nice neighborhood close to my current home. It has a 30x40 pole barn on it that would be perfect for me. I have no intention to build anything else on it. Are land loans at a much higher interest rate than a normal residential mortgage? How would I go about doing seller financing?

I'm looking at buying a piece of land for myself. What is different about getting that financed compared to a regular residential loan?

Matt R. It was just a rehabbed townhouse on the MLS. It's absolutely mint. Move in ready. It's located in Naperville (south suburbs of Chicago). For me, it was a no brainer because I have a full time job. I don't have tons of time to rehab something on my own right now. I just put the typical 20% down and I already had a tenant lined up before I purchased it.