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All Forum Posts by: Donnell Crowell

Donnell Crowell has started 1 posts and replied 5 times.

this is what the seller wrote after I offered to put the property under contract with a seller finance addendum: "think you may be confused. What I was proposing was - you get the property by giving me 10k and taking care of the loan. The loan on the property can't just disappear. You guys can figure out how you want to handle the loan - you can either get a new loan, or pay it off or maybe talk to the lender and see if they'll let you take it over, however you'd have to work that out with them.
That's how I purchased the property - I gave the owner a check, called up the existing lender - Washington Mutual (a long time ago!!) - and managed to get the loan assigned. It was a bit of a headache and cost I think a percent or two for them to do so. However, I was able to do that was because the loan was assignable. The current loan is not, but maybe the lender could work something out with you."

I'm in talks with a seller of a 2/2 duplex in So cal, here are the numbers: SqFt: 1,000 Lot Size: 4,500 Year Built: 1962

186k in estimated value

270k ARV

5-7k REPAIRS

$900/mo rent

265k-ish mortgage balance

OK, now I haven't made an offer on this property yet, the seller even mentioned he would even be open to a seller finance situation. I get the sense that he just wants to retire, and not deal with the headache to maintaining a rental property. which is why HE offered to seller finance. what should be my next move?

hello, maybe I can help.. what market are you currently buying in?

whats your buying criteria?

@derickpolite i may be able to help. pm me if you are interested

Post: Wholesaling in Los Angeles

Donnell CrowellPosted
  • Posts 6
  • Votes 0

@alexander hernandez 

hey do you have a script for sellers, buyers, agenrs?