All Forum Posts by: Gabriel Jordan

Hi,

I am looking for someone local to me to help guide me through putting together a lease to own agreement on a potential buy. 
It’s kind of a unique situation so I’m looking for someone who has done this quite a few times and can help make sure that the deal is solid.

Thanks Gabe

Hi,

I am looking for someone in kansas city (kansas side) that has experience putting together and helping with navigating a subject to transaction. I have not done one before and want someone with experience to help me and the seller understand how it works and make sure it is on the up-and-up.

Send me a DM,

Thanks!

Hi all. Wanted to ask for some advice. TLDR is I got laid off and my financing fell through because of it. I am trying to creatively put together a deal and still make it happen. I was thinking subject to or some sort of lease to own but have done neither.

Anyone open to ideas. Consult? 
thanks

@Randy Rodenhouse Thank you for the feedback - I was able to get a mortgage statement, see below

Good morning, 

I was looking for some help figuring out what I should offer on this house (would be my first property). Here is the situation. It's a small 3/1 in a d2 college town located about 5 minutes walking from campus. The house was sold in 2021 for 150k to the current buyer (brother's girlfriend). It is 1,008 sqft. The most recent comps are from Oct, the rest are may-sept last year. The comps are between $118-$141/sqft, but it was purchased at $148/sqft.

The loan is assumable at 2.75% rate ($139,383 principal remaining) but will cost $900 application fee and  between 1-5% of purchase price (assuming 2.5%). The estimate is that the house is worth about 160-170k based on comps. It is in good shape but probably needs 2-3k worth of cleanup to make rent ready. Oh and based on research it would rent for about 1.1k on avg

I have used the calculator to try and crunch the numbers but I do not know how to layer in the loan assumption. 

Thank you for your help!

@Salvatore Lentini They do not own it free and clear. They got it from an inheritance a few years ago. I like where your head is at though. I am going to go see it as it has been a few years. I want to say overall its in good condition but would likely take 3-5k to get spruced up. 

 That helps clarify, thank you

@Don Konipol Thank you. That is extremely helpful

 I am unsure - May be free and clear as they received it as an inheritance 

 KC, 

Thank you very much for the reply. This helps immensely in terms of 'tools in the toolbox'. Question: 

If doing loan assumption; how does that work? Lets say they are 50k in to a 200k loan. If I were to take over at the 50k mark does that mean I need to pay them the 50k as a 'down payment' and then just pay the bank? Does the title get signed over at the time of assumption? that seems like a big liability otherwise. In the case of the 50k being paid off by them already, would another option be I pay the bank and then pay an extra X payment to them per month to recoup that? or is it all done through a different means?