All Forum Posts by: Jesse Frickle

Thanks for the advice about the smaller down payment idea. I’m thinking I could offer 400k down and a 150k ballon payment after the first and second year.

I have been the GM for two casinos in Montana for 20 years and now have the opportunity to purchase them. The current owner is going to carry the note and I need to come up with a down payment of about $700,000.

I’m looking for ideas on how to barrow the 700k and what interest rates I’m expecting to play. Any ideas about where to look would be appreciated.

Here is a little bit about my personal financial situation. I own 3 houses, personal residence has 100k equity, my single family has about 80k in equity and cash flow $200/month and my duplex has about 150k equity and cash flow is $1600/month. I have no other debt other than my mortgages. I have a little more than 20k in cash and have about 100k between my Roth IRA and my traditional IRA. Thanks for any help you can provide.

@Kuriakos Mellos

Also I should mention that the sellers had the property paid off that’s why I was able to structure it that way.

@Kuriakos Mellos when you agree on a price, down payment, interest rate, term 15,20, or 30 year you can enter this information into an amortization calculator you will get a breakdown of how much interest and principal are applied each month so at any point when you want to get a mortgage on the property the bank can look at what month you are at in the amortization schedule to determine the payoff amount.

@Kuriakos Mellos

It means the sellers act as the bank so I have five years either to payoff the property or restructure the loan. The loan is amortized on a 30 year loan so my payment is $1000 per month a portion goes towards interest and a portion goes towards the principal. At any point I want to get a mortgage with a bank the bank would pay off the seller by determining what principle is remaining by looking at the amortization chart. Because I purchased the property under market value and added a bedroom to each unit on the duplex there is plenty of equity to cash out l. I just explained what I wanted to a lawyer and they did all the paperwork. They whole process was simple.

@Kuriakos Mellos I bought a property in June using seller financing. It worked well for me I was able to put 10k down and put it in a 30 year structure with 3.5%. I can get a mortgage at anytime in the next 5 years. I’m just finishing the remodel right now and plan to get a mortgage early part of next year and cash out what I have into it. The process wasn’t very difficult and didn’t not cost much to have the lawyers do the paperwork. If I have a chance again to use seller financing I will definitely do it.

@Collin Bryston Adams on my first property my tenant has used Zelle to pay rent for two years. What I like about using Zelle is that it will say the tenants name on the deposit. I only have 3 doors now but I find that it will be more helpful when I have more tenants to be able to see their names so I know who has paid rent.

@Kenneth Hynes I heard Brandon Turner once suggest to put down carpet to protect the floor and later in down the road have them finished when you are going to sell the house.

@Rett Darvis i live in in Williston and i invest here. I do not know much about wholesaling but i might be interested in a wholesale deal in williston 

my inlaws are ready to retire and they have a duplex that they want to sell. they had it listed for six months with no offers.They had it listed for 275 and they have offered for me to purchase it at $240,000 I want to offer them a sellers finance option but I'm not really sure how to structure it. I am willing to pay for an appraisal to see what it is worth. so my thought are to offer them $10,000 down and do a 30 year note and some kind of option in 5 years for me to finance with a bank and pay them off or maybe pay them another large payment and continue monthly payments. I think owner finance would be a good idea for them and me so they don't take the tax hit and i get a property for a low down payment. How would i structure this? Who would i have draw up the paperwork? Any advice would be appreciated.