All Forum Posts by: Harry Shmelts

 Thank you for being the first non chatgpt answer. Yeah this seems complex I’m going to see if somehow I can get a loan for the 275k. I make 60k with no debt but plugging those numbers into calculators look like I only qualify for around 215k. And I have about 20k to put down 

Hello everyone,

I have a unique situation regarding a real estate transaction within my family, and I'm seeking some guidance and advice. I hope you can provide me with some insights or share any experiences you may have had with seller financing.

Here's the scenario: A family member is willing to sell me their home, which has an appraised value of $400,000. However, they are offering it to me at a discounted price of $275,000. While this is an incredible opportunity, I'm facing a challenge in securing a loan for the $275,000 due to high interest rates from traditional lenders.

I've been exploring the option of seller financing, where my family member would act as the lender and provide me with a loan to purchase the property. I'm wondering if anyone here has experience with this type of arrangement or can provide insights on how it could work in my case.

Specifically, I have a few questions:

1. Lets say they owe $40k left at 3% would I just pick up this loan? Where would they get the $275k they want?
2. How should I approach negotiating the terms of the seller financing agreement? What aspects should I consider?
3. What would be a reasonable down payment percentage or amount to propose to my family member?
4. Are there any potential pitfalls or risks I should be aware of when engaging in seller financing with a family member?
5. What would be a fair interest rate for both parties? Are there any resources or guidelines to help me determine a reasonable rate?
6. Is there any specific documentation or legal process I should be aware of to ensure a smooth and legally sound transaction?

Hello everyone,

I have a unique situation regarding a real estate transaction within my family, and I'm seeking some guidance and advice. I hope you can provide me with some insights or share any experiences you may have had with seller financing.

Here's the scenario: A family member is willing to sell me their home, which has an appraised value of $400,000. However, they are offering it to me at a discounted price of $275,000. While this is an incredible opportunity, I'm facing a challenge in securing a loan for the $275,000 due to high interest rates from traditional lenders.

I've been exploring the option of seller financing, where my family member would act as the lender and provide me with a loan to purchase the property. I'm wondering if anyone here has experience with this type of arrangement or can provide insights on how it could work in my case.

Specifically, I have a few questions:

1. Lets say they owe $40k left at 3% would I just pick up this loan? Where would they get the $275k they want?
2. How should I approach negotiating the terms of the seller financing agreement? What aspects should I consider?
3. What would be a reasonable down payment percentage or amount to propose to my family member?
4. Are there any potential pitfalls or risks I should be aware of when engaging in seller financing with a family member?
5. What would be a fair interest rate for both parties? Are there any resources or guidelines to help me determine a reasonable rate?
6. Is there any specific documentation or legal process I should be aware of to ensure a smooth and legally sound transaction?

Hello everyone,

I have a unique situation regarding a real estate transaction within my family, and I'm seeking some guidance and advice. I hope you can provide me with some insights or share any experiences you may have had with seller financing.

Here's the scenario: A family member is willing to sell me their home, which has an appraised value of $400,000. However, they are offering it to me at a discounted price of $275,000. While this is an incredible opportunity, I'm facing a challenge in securing a loan for the $275,000 due to high interest rates from traditional lenders.

I've been exploring the option of seller financing, where my family member would act as the lender and provide me with a loan to purchase the property. I'm wondering if anyone here has experience with this type of arrangement or can provide insights on how it could work in my case.

Specifically, I have a few questions:

1. Lets say they owe $40k left at 3% would I just pick up this loan? Where would they get the $275k they want?
2. How should I approach negotiating the terms of the seller financing agreement? What aspects should I consider?
3. What would be a reasonable down payment percentage or amount to propose to my family member?
4. Are there any potential pitfalls or risks I should be aware of when engaging in seller financing with a family member?
5. What would be a fair interest rate for both parties? Are there any resources or guidelines to help me determine a reasonable rate?
6. Is there any specific documentation or legal process I should be aware of to ensure a smooth and legally sound transaction?

I am looking to purchase my first real estate investment (house hack) in about 6 months. Does anyone have any zip codes/sides of town they would recommend for a good investment. I have been driving around looking for some as well would love to hear others opinion as well. Thanks

I am wondering how house hacking with a DPA would work? I make 60k/yr and only have $15k saved up which I know could really only cover a down payment for duplex currently. So for that reason I am wondering if there are any disadvantages to using a DPA? It seems to me I could get into a deal sooner and not deal with the headache of saving up for the down payment + repairs, reserves, etc. If someone could please enlighten me on this it would be greatly appreciated. Thanks

My mother is offering to put her house under my name, it is worth 400k currently and only about 50k left to payoff. She would make all of the payments and I would just need to get the loan transferred to myself. Is there any positives or negatives to this situation?