All Forum Posts by: Jon Ankenbauer

I am an aspiring investor and have spent the past year listening to the podcasts (currently on episode 216!), reading books, analyzing deals, reading through the forums, driving neighborhoods and so on.  I have been completely plagued by analysis paralysis and am finally attempting to put an actual deal together!  I am located in Parker, CO (just South of Denver) and have focused my search to Colorado Springs as the market is somewhat more affordable than Denver, it is within driving distance and I have family in the area.  It is actually a family member's property that I am trying to put the deal together for.  My grandparents own (2) properties, their primary residence (paid off) and a rental property on the same street (has a bank loan with substantial equity).  It is their rental property that I am looking to structure the deal on.  My question is; how difficult, or how likely, is it to structure a deal using partial owner financing?  My idea was to obtain a bank loan to cover the outstanding balance on their current loan and then create an owner financed note for the remainder of the purchase price.  Will the bank have any issues with the second loan?  I would imagine the owner financed loan would take second position to the bank loan, correct?  How does it look if the owner financed loan is structured for interest only payments?  Would we just add a clause for a balloon payment after so many years?

I have recently finished reading No/Low Money Down and am trying to stay creative with my financing options but also want to make sure I fully understand the process and want to make sure that I am able to present a deal that is a win/win for both of us.

 This is my first actual attempt to make a move towards a deal and am looking for a little advice/guidance from any of you experienced investors out there!  Thank you in advance to anyone who is willing to share their wisdom!

@Matt M. - Mind me asking what strategies you are using to find your off-market deals?  

@Jim Stanley 

Hey Jim, i am curious to hear how this is going.  Were you able to agree on a price or did you end up offering on the other property?

Do you mind sharing the numbers?

Thank you all for the support.

Kevin - you make a good point about the time of year that i regretfully had not considered.  This might just force me to really fine tune my deal hunting skills!

Matt - Thanks!  We are building in the Stepping Stone community in Parker.

Hello BP nation! My name is Jon Ankenbauer and I live in Parker, CO (about 20 miles south of Denver). I have been talking about getting involved in REI for a few years now and it wasn't until I sold my condo in the Denver Tech Center this past October that I have finally started educating myself and getting serious about starting my REI journey. I am still very green in terms of my education progress, only have read a few books on the subject and have had listened to the first 76 podcasts so far. We are in the process of building a new home for my growing family, which will be complete around June of this year. After the completion, and subsequent closing, of the new home we are wanting to purchase our first investment property.

I am very excited to have come across BP and have learned a ton from the site so far.  I plan on getting through the UBG here pretty soon and will start forming a plan of attack and investing strategy for the upcoming months.

Please feel free to reach out with "words of wisdom" or "beginner guidance" that might be valuable as I gear up to dive in!

Thank you all in advance!