All Forum Posts by: Shaun Anderson

Have a commercial property I am ready to offer on asap here, will be seller financed for 20% and I have no experience in this so not sure how to set up the contract for the seller portion. Details are they will hold 20% but only for 5 years max. so with that short a term do I offer interest only payments to them and then just refi and payout the balance at the end of the 5 years? Or what would other options be? I need to figure this out asap so would appreciate prompt feedback. Would prefer an email or pm, email is in my profile. 

Thanks guys!!

Shaun

Hello group, I am looking at a multifamily property, which would be my first ever property. The owner will hold 20% as seller financing but will only do a 5 year term, which is fine as I would just refi after that time but my question is how do I structure the seller financing part with him? Seeing as it is only a 5 year term would I offer to make interest only payments and then pay out the balance with the refi? Is that typical for this type of deal? And if not, I am interested to hear how others have structured similar deals?

P.S. I am just concerned about the seller financing part, not the remainder of the mortgage. 

Thanks guys and hope everyone has a prosperous day!!

I am becoming very frustrated. I am a Canadian, looking to buy my first property. I do not consider myself a newbie however as I have been learning and researching for some time. I had decided long ago to go the private money route, for many obvious reasons. I have found quite a few, messaged back and forth with a ton of them and have become very frustrated. I have been already scammed once (when I was starting out and very green) and swore I would never again pay upfront fees. Here is my question, in anyones experience is there legit private lenders that charge legit fees or should I run the other way anytime I see this? I have come across a few sites that were supposedly credible as far as having legit lenders yet, most all I talk with want some sort of upfront fee in the end!

Would love some constructive feedback on this!! I have properties I can offer on now and am only stopped by this obstacle!!

Thank you in advance!

Sorry, I should have clarified that, I am not using conventional lending, it is a creative setup that requires me to get my own appraisal done!

This is a 2 part post, first off, I am in the process of offering on a multifamily property in Columbus and am at the point where I need an appraisal done. I would like some feedback on anyone experience, good or bad, with certified commercial appraiser in Columbus. I have a couple names but would like as many options as possible, any help would be greatly appreciated.

Secondly, what types of questions should I be asking an appraiser prior to making a decision on hiring one?

As always, thanks everyone for your help and participation!!

Hey everyone, well I am finally ready to offer on my very first property, being a multifamily property in Columbus, Ohio.

Since I do not have the capital nor do I want to use any of my own cash anyways, my realtor and I have come up with creative financing for my first deal. He has put me in contact with a connection of his who represents a lender who will do up to 90% for me with a good rate and term. Since I have not yet found a local person or group where I live to work with to cover the rest, my realtor has suggested that we offer the current owner to hold 20% (I guess a sort of seller financing) and the other lender would then do the other 80%. The current owner would hold a lease on the land and I would pay him as well as the other lender until I could afford to pay off the current owner. This involves a triple net (or NNN lease) and I am wondering who has had experience with such a thing and what types of things I should watch out for and any problems that could arise from this type of deal?

The owner seems pretty open to creative financing so we have sent a proposal which I am waiting on a response from. If he is ok with it I will go ahead and get the three appraisals done, land, building and improvements. Its seems like an interesting way to get my first deal done using none of my own cash (other than cost of appraisals and maybe some closing costs), but am looking for any input.

Thanks guys!!

haha, exactly Jeremy, its technically illegal to do a million things in the U.S. but its usually when the government cant benefit from it, they deem it illegal. Its such a farce! There is nothing wrong with wholesaling!!

who to believe, seems there are legitimate arguments on either side. I would like some clarification also as I am considering wholesaling in Ohio. It seems to me its a grey enough area to say it is ok until you get told otherwise by someone official, am I wrong?

Welcome to you both. I am a newbie as well, in Canada but looking to invest in Ohio. Looks like you have a good start already. You will gain a wealth of knowledge here, everyone here is great and really good for offering help and opinions!

I am a Canadian trying to break into the Columbus, Ohio market, looking for multifamily properties for buy and hold. Am trying to find private lenders, personal lenders etc to fund as I want to use 100% OPM. I possibly have a majority lender however they will not do 100% thus, I am reaching out to see if there is someone who would consider working with me to help with the remaining costs and and gain a good return on their money in return.

I am very willing to look at any options as I just want to get my first property done and get rolling from there. If I find someone and the first deal works out great for both of us I would like to continue working with someone in order to build a much larger portfolio!!

I do have a couple properties I am ready to offer on but wanting to make sure I am set up with funding first of all!!

Reach out to me anytime, or if you know someone who works in Columbus and may fit this scenario, please pass on my name and contact details.

Much appreciated and I wish everyone all the success we all deserve!!