All Forum Posts by: Joshuah Murray

Hello everyone, I’ve got a multi family property under contract and have been weighing my financing options (from owner finance to bank loans etc). At this point I have garnered the attention of a few private lenders and have discussed my ideas with them enough for them to request a proposal. I have no idea how to organize my numbers, thoughts etc. into a proposal. Does anyone have a template or outline for putting this together? Any help would be great!

Originally posted by @Jonathan Pflueger:

@Joshuah Murray

There is a lot of unknowns here, but working off the premise that this is a good deal you have quite a few options (make sure to do all of your due-diligence). 

1. Find a money guy or gal and partner with them - they bring the money, you bring the deal. 

2. Ask for a zero-interest loan for 3 years and make higher payments in lieu of the 80k down payment - make sure to have multiple exit strategies for the ballon payment, ie. refinancing ect...

3. Depending on how good the deal is, scratch the owner financing and see if a bank will finance the entire deal plus the down-payment (kind of like a blanket loan on all 8 town homes with a cash out option) - this would require a very sweet deal. 

4. Ask the seller if he is willing to take less of a down payment, you ever know if you don't ask. 

Hope that helps. I am sure someone with more experience will be able to offer more options. 

Jonathan

 Do you have any tips on how to find private lenders? And do you think on my basic numbers this would qualify as a really good deal? 

Thank you

Thanks for the replies! I'm fairly new (Started 3 months ago) but it seems to be a good deal the GOI is 96,000 it currently has long term tenants with a 100% occupancy and the NOI is 59,000. I do feel I have room for negotitions, he is an older man looking to retire. I plan on talking to a bank but I don't think I will get approved for such a big loan based on my income, and from what I've read I can't use the rental income of the property to help me get approved.

Hello all, 

I currently own 3 townhomes on a street with a total of 12 townhomes. The owner next to me has offered me a owner finance deal for his 8 town homes for 400,000. He wants 80,000 up front on a 3 year balloon with a 5 percent interest with no points. I was wondering if anyone has done a deal like this before and/or if anyone had any tips on creative ways to get around paying the down payment! I do not have the full 80,000 to front right now but I don't want the opportunity to slip out of my hands!