All Forum Posts by: Joe Doman

Thanks for the suggestion... the seller is very easy to work with so far and seems to be open to many different things. Can't hurt to ask. 

Hi all,

I have a deal in the works on a property where the owner is willing to carry back financing. The seller has a small balance left on the mortgage so I need a down payment to clear this and a little extra cash to leave in his pocket. He needs $40k (all together) which is a bit more than what I can come up with in cash (and have adequate reserves for my other units). -I really like this property and feel I have negotiated decent terms...

What are some good strategies on getting financing on $10-$15K?

For those interested, here are the number (feel free to call me out on anything as I like to hear suggestions/critiques)

Purchase Price: 185K

Down Payment: 40K

Terms: 750 Prin only Payment for 3-5  years (still negotiating) then prin balloon

Rent: 1,600-1,800 -- currently rented for 1,600 which is pretty low in the area

Taxes: 4,400

Repairs: 3-5K -- Conservatively, property is in great shape. 

Any questions, ask. Thanks! -Joe 

What credit cards offer 12-18 month grace period on cash advances?? I've seen grace periods on balance transfers but not cash advance. -If these CC are available please share.

Hello all, I wanted to check in with the community to see if the following scenario is even possible:

If a seller is willing to carry back a portion of the purchase price but wants a substantial down payment, can I go to a bank to get financing for the down payment? 

Say the purchase price is 150K, seller wants a 100K up front and the remaining 50K will be paid off in monthly principal payments. Can I go to a bank and say the purchase price is 100K and leave out the 50K seller financing piece. Is this legal? Ethical? -Would like to hear your thoughts. Thanks!

Thanks everyone for the advice!!

This seems pretty trivia but I can't find a quick answer...

A tenant got married and changed her last name. Is it necessary to update the lease with her new name??

I do think we will see a shift in renters becoming homeowners in the near future, at leaSt in my neighborhood. Rent is becoming extremely high and witha better economy, more jobs, I can see young adults starting to purchase vs rent... in result demand for starter homes will go up. ( i already see this happening in my area) I have been looking to purchase small sfr to invest short to mid term to take advantage of this...

I agree that education is key before purchasing the first rental.

If conventional financing is not an option for your first property, you could try a strategy that  I have been testing out in my neighborhood. I drove around an area where there were a bunch of duplexes. I wrote down a address of all of them and jotted down notes about the condition of the outside (bad condition could mean tired, motivated landlords) I looked up on the local assessors' web site the mailing address as well as year purchased. I sent mail to properties purchased in the 80-90s saying I am interested in buying their property (I included a holiday card for a personal touch). The idea is hopefully I can find someone that owns the property outright so I can offer a seller financed deal. -i figure it is a long shot but if I do this In multiple areas eventually something will catch!

Hi Matt, Welcome to BP.

I took a similar approach with an Fha mortgage on a duplex in Canton. So far it is working out great. As you might know, you can move out after a year and get another fha... all with 3.5 down. starting out on a owner occupied multi really helps ease you into the landlord world. What cities are you looking at?

What has been working best for you as far as lead generations? I've noticed the mls is becoming way too competitive in theses areas.