All Forum Posts by: Doug Strehlow

Maybe take him on a tour of your other properties? Then take him out for lunch and after, put a contract in front of him that spells out your maintenance responsibilities (labour and financial). Does that make sense?

I thought about this at first, but did not know what the details of the contract would be. Thanks for your input Joel!

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Originally posted by @Robert Biggerstaff:

One thing to do is possibly take him to your other properties and show him the condition that they are in. I always find it very beneficial to ask the other person what would it take for you to feel better about this, see what they have to say

Always a good way to go asking what they have to say, thanks Robert!

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Originally posted by @Kenneth Garrett:

@Doug Strehlow

Great job on the seller financing. I would do a couple of things to ease there concerns. Number one hire a property manager you both are comfortable with. Put some money in an escrow account (suggest $10K) to cover repair cost. This way the seller knows the funds are available. You still have control of the funds. Develop a joint venture agreement laying out the parameters of responsibility. I can understand the concern from the seller on maintaining his building.

Good Luck.

Thanks Kenneth, I will definitely be looking into setting up an account as you suggested. I like that idea!

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I am looking at purchasing a 16 unit apartment by seller financing that I have initiated. General term would be o% financing for 3 years through seller then take out mortgage on property to pay off seller. Incentive for the seller is that I am giving him asking price without a realtor fee as it is not currently listed. One of the main concerns the seller has is how to guarantee that I will maintain the property. I have several other multi-families that I own and maintain to a high level. Does anyone have a way i can calm his fears of me running the place into the ground?

I have the cash to mortgage property, but would like to use it in other opportunities. Any info would be appreciated. Thank you

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All Forum Posts by: Doug Strehlow

Doug Strehlow has started 1 posts and replied 5 times.

Post: Seller Financing 16 unit apartment

Post: Seller Financing 16 unit apartment

Post: Seller Financing 16 unit apartment

Post: Seller Financing 16 unit apartment

Post: Seller Financing 16 unit apartment