All Forum Posts by: Enrique Montalvo Jr

I never expected to get such sound advice so quickly. 

Thank you @Reid Schwartz, I made sure to address that point with the seller. Thank you @Cindy Gunderson, I'm waiting for the seller to create this new contract with her attorney and I'll most likely use your reference; the attorney you suggested, to overlook everything to ensure my interest. Semper fi @David Pere, and I brought your points up in the conversation with the seller also. We will be asking about that term,  "subject to " and have everything be legal and binding,  drawn up with an attorney.  

Thank you everyone for such quick, sound advice. I am very new to real estate, but after reading BRRR, I want to invest in real estate and start my life in this direction next. I'll keep reading everyone's post and listen to podcast with bigger pockets. I've been learning answers to questions I didn't know I had.

@Remington Lyman, I agree with you and I will be looking for a lawyer in North west, Ohio for realistate. I currently live in Port Clinton, Ohio in case anyone can suggest a good lawyer to seek aid from.

My name is Enrique Montalvo, but everyone calls me Rick. Can a seller offer owner financing if they have a mortgage?

I am a Marine veteran. My wife planned to use a USDA loan to buy a home in her name. The house we want is found and now under contract in Oak Harbor, Ohio. This is a nice home that our family of 7 children would live in because we currently rent.

I have a veteran friend that served in the military with me. Their marriage is ending poorly and they agree to sell me their home in Castalia, Ohio for what is owed and not for profit because they don't want money to split between them. (It's an odd situation, and they strongly dislike each other.)

I agreed to the sale of the Castalia home, but haven't signed the contract yet. The Oak Harbor house we plan to live in is undercontract however. My wife was recently denied the USDA loan because of a medical bill still standing.

My altered plan is to use the VA loan to buy the Oak Harbor home. Is it possible to use seller finance agreement to buy the Castalia home until I can later get a loan to buy this house also? I plan to use the Castalia home as an investment property as it is in a highly desired area to live because of great schools with no violence.