All Forum Posts by: Kyle Soderman

Hey All! 
Helping my brother go about a purchase of a property and we are brainstorming the best way to structure the deal. Here's the cliff-notes version of the story:

The current owner of the property is going through a divorce but also has a son (the property is across the street from the Elementary school). So the soon to be ex-husband and wife want to sell the property and take their fair shares. The wife wants to stay in the property and rent the home for a few years while the child gets through Elementary. 

Has anyone seen/dealt with a situation like this before? Any tips or recommendations when putting together an agreement?

Thanks!

Not sure if I've already asked you this, but where in St. Cloud is the property??

@Lee Fahy

@Mark Pedroza Why yes I have! Was that his property?!

Congrats @Josh Cook!

I had the same 5% conventional at 3.5% interest. However that was a year and a half ago. Maybe around 4%-4.5% now?

@Steve Kontos I don't believe so. I am thinking we would end up doing a balloon payment. 

@Steve Kontos I got off the phone with the seller a bit ago and sounds like he is open to different options. I brought up doing some sort of structure with a balloon payment. We are planning on sitting down next week to discuss more in depth after we are both able to do some more research.

My thoughts are doing something like this. $15,000 Down, 4.5-6% interest amortized over 20-30 years. With a 5-7year balloon.

I am estimating $841 in expenses (not including principal and interest) all other expenses included.

The reason for selling is really to become more passive and not have to deal with tenants.

That's what I'm talking about @Steve Kontos !!!

Currently looking at a duplex (owned free and clear) and the owner is open to seller financing. Listed for $146,000, rents at 1,840/month.

I am wondering what kind of terms people have received on seller financed deals? Is there any sort of standard when it comes to seller financing?

I know this is sort of a loaded question as the seller and buyer can almost agree on anything...but I would like to hear what other investors have seen on seller financed deals.

Thanks!

If you are serious. Buy it.

The biggest thing I like are the calculators. Buy pro then start analyzing deals every week until you are ready to buy your first property.

If you were a real estate time traveler, what year would you travel to for the best real estate opportunities? And where?

My answer? I would travel back and make the Louisiana purchase myself!

Feel free to be as serious, or un-serious as you like :)