All Forum Posts by: Keisha F.

@Randy Rodenhouse Thanks, Randy! Will consider assuming the mortgage. I have to look through the mortgage docs to see what it says but that does sound like a great option. 

@Crystal Smith Thank you, Crystal for the input. I will definitely take a look at the mortgage papers to see what I’m dealing with. I didn’t know about the lease option…will for sure look into this and yes, I’m treating this as a business deal even though we’re family. I want us all to be protected!!

Thanks @Jonathan Klemm for clearing that up! I would be interested in hearing about the banks that you know of. Let's connect!

Thanks @Eudith Vacio ! I will definitely keep that in mind. Glad to hear I'm on the right track!

@Jonathan Klemm ! I hadn't thought about a 203k refinance loan...is this for the purchase and repairs or do you mean just for the repairs after I'm deeded the property? This would be an investment property so I wouldn't qualify for a FHA 203k loan. Can you explain the steps further because I am interested in getting money back for my next purchase.

@Mohammed Rahman Ok great, glad to hear that you believe it to be a good strategy. I did learn about the trust option but didn’t know I could take over the mortgage after transferring to a trust. I’ll definitely contact an attorney before starting. Thanks so much!

Hello Everyone!

I got so much feedback from my last post...HERE, and now have the opportunity to purchase my grandmother's well-maintained 2-family house in Chicago with the equity from 4-family brownstone in Brooklyn. My grandma is willing to sell her 2-flat to me as-is for $180k, she has a $130,000 mortgage on it currently at a 4.6% interest rate. The current value of the home is $220,000. It needs some work, mostly cosmetic, and I have the option to convert the basement into a 3rd unit. Ideally, I would like to get use seller/subject-to financing to assume her current mortgage payments at the 4.6% interest rate, use a HELOC from my Brooklyn property to pay her $20k down and rehab the property. I would then rent out the units, get the property appraised, and take out another HELOC to keep investing...ultimately an even more creative version of the BRRRR method. My goal is to take advantage of seller financing, spending little money upfront, and keeping her current interest rate. Is this scenario possible and if so, how do I avoid the due-on-sale clause? ...as I can see the bank calling the loan due since interest rates are so much higher now. I know this is a unique scenario so please let me know if I'm nuts for attempting!

@John Warren Thanks, John! Will definitely check out the podcast. You're right, I need a partner to supplement where I lack. 

@Crystal Smith Thanks! I hadn't heard about off market properties until recently. A friend of mine just mentioned it to me this week. And agreed, I don't want to do nothing when deals are being made regardless of the market. Thanks for all of the recommendations. I'm going to look into everything you sent. I'll keep you posted on my progress. 

@Jay Hinrichs - Yes, agreed. Unless I have a contractor I trust and can steer me in the right direction, I'm not comfortable with a heavy rehab.