All Forum Posts by: George Lay

@Brad Patterson if the seller accepts your offer, most of it the process will be similar to the first with the exception that you'll need to spend more time on the details relating to the mortgage financing which can get a little technical for a blog but put simply...  

Firstly, on top of all of your regular due diligence with buying property, you'll need to decide if you're going to get a bank/finance company involved or is it solely going to be the seller providing all the financing.

If you include the bank, you'll probably want to check with them in advance to see if they're ok with having the seller's mortgage behind them as they take rates and payments on the second mortgage into consideration for their approval.

Once you and the seller both agree to terms, best to get lawyers involved who can draft up documents. As most of the basic details have already been agreed upon, the rest of the documents merely relate addressing "what if's". Either the seller's lawyer or your lawyer can do this while the other just reviews the terms. Most lawyers who have commercial backgrounds will know what to put in such a document. However if you want to add an extra lawyer of experience in the process you might just get a commercial mortgage broker to help arrange everything for you. It's probably safe to say that every extra layer will add to the costs but each layer will allow you to sleep better a night. 

After that, the seller's mortgage is merely another set of documents that you would sign as part of the conveyancing process. Very similar to the first multifamily building. Of course I've skimmed over all of the micro-steps relating to the above but from a birds eye view, this is it.   

Keep in mind many people aren't acquainted with seller financing so there may be some further conversation needed in terms of communicating your offer.      

Good luck!

I don't think it's fair to force the liquor store out since they were there before you, but maybe a conversation with the store owner to discuss community improvements might go a long way for his bottom line. I'm not sure the layout of your neighborhood, but maybe putting out a few dollars to offer up a gathering place away from your property is possible if it doesn't produce a nuisance with another neighbor. Who knows, it may lead to business opportunities in the future.

I am a fan of the classical music, motion lights, and cameras. If it's not effective at relocating the hangout spot,  at least it'll help to protect your property. A discussion of the nuisance with your neighbors might be productive as well.  

After reading the thread, a quote does come to mind. 

"Never doubt that a small group of thoughtful, committed citizens can change the world; indeed, it's the only thing that ever has." 

Margaret Mead