All Forum Posts by: Justin James

Death.  I assume. But if I was the holder I would refuse to accept payment.

As in I can't pay it off early

I have the opportunity to purchase a Four-Plex for roughly $440,000. The units are all 2 bed 1.5 bath 1,000 sq ft. Rents are $850/unit with tenants paying all utilities except water, which totals approx. $300/month. Taxes are about $2300/year and insurance about $800. 

The seller wants to do/is offering seller financing as follows: $40,000 down with a 40 year term at 5%, with no prepayment. The note would be assignable. 

It is the no prepayment that gives me some pause, but I am planning on pulling the trigger.  This would be my first seller financing deal, but my 7th-10th doors.  Anyone have words of encouragement/discouragement?

Team,

Does any of my fellow Utahns know of any lenders that accept a 10% down payment for investment properties?

I recently stumbled upon MOUNTAIN AMERICA CREDIT UNION's MACU 90 program that fits this bill (10% down payment, no mortgage insurance, 30 year fixed at 4.625%).  It's awesome and I highly recommend it.  But, they only let you do 2 loans on that program.  I am wondering if anyone knows of any other lenders that offer a similar loan product.

If not, what lender's have you found that you like and what are their numbers (i.e. % down, interest rate, etc.)?