All Forum Posts by: Kenny Gill

Thanks Joel. I will try & hash out the details this week w/ the seller b4 going "official" I just wanted him to know that I was serious about the deal. I can guestimate about 50k in repairs because I purchased a house across the street from this 1 about a year ago & I underestimated the cost to reno by about 40K & it was in similiar condition.
Thanks 4 the input I will let you all know what happens.
I'm a little more optimistic about this deal because the seller is out of state & the tenant that was occupying the house has had to be admitted to a retirement home (dementia) so the home is unoccupied @ the moment. Around here it will not take long for someone to notice & possible break in & really wreck the place.

Let me clarify a little. The seller knows nothing about what I'm trying to offer all he knows is that he has the prop listed w/ an agent for 115,000. In the current market he is gonna get no where near that. I want to offer him 40k for the prop as it needs about 50k in rehab. it still has a 1950'ish look to it. It's a 1 fam 3 bed house. My cash is tied up @ the moment w/ the other 2 props that I have. That is why I would want to obtain this one w/ seller financing But I have to bring all of the specifics to him Again he knows nothing about selling a house or seller financing for that matter. From what I gather from the posts I should seek out a lawyer that is familiar w/ structuring these type of deals. I was hoping that there were some sort of forms out there that I could adjust to my situation just to see if he would bite @ this type of deal. I need any input in regards to selling this type of deal to the seller.
Thanks

I want to buy a property using seller financing. I need to draw up all of the paperwork & make the offer to the seller @ a price of 40k w. 5k down & terms of X per month for 84 mo's. My problem is that my lawyer that I have used in the past is not familiar w/ these types of deals & does not feel comfortable drawing up the paperwork. The seller is selling his deceased fathers house & is not familiar w/ these types of deals, neither is his realtor. I need to sell everyone on this deal. Can someone point me in the right direction as far as obtaining & preparing the offer docs to get this deal done.

Planning on holding it for awhile & renting it out for around 1300.00 per month. I figured I would be able to take out a conventional 80% LTV mortgage on the house. It should appraise around 100k. Would the purchase price affect the mortgage equity amount?

Finally put some change together to be able to purchase a house outright cash for 21k it's an REO & with a little luck & the right timing i got it under contract. ARV should be around 120k. I need advice on how to proceed after closing. It was being used as an illegal 2 fam. I want to put it back to a 1 fam. My question is should I be more conservative & put the work in the house myself w/ my own funds 10K & have a fully paid off house that will cashflow 100% it may take me 2 months to do this. Or should I take a mortgage out on it for say 60k, pay off my personal debt maybe about 15k thereby raising my credit score & take the rest of the money & buy another house cash? & continue that process.
I know that I should leverage this house to continue to buy houses. But there is something about owning a house free & clear of any mortgage that is in the back of my head. I mean people work their whole lives to pay off a house. If I were to take the conservative approach I could save up enough funds in a year to buy another house for cash 30k.
Your advise is welcome