All Forum Posts by: Malcolm Brown

Working on my first ever deal, and surprisingly it's a seller financing deal. I've structured the deal via an agreement of sale. The seller and I sat chik-fil-a today and I explained everything I could to her to help her understand the deal. The seller just wants to get of the property all together,  not keeping the deed in her name or the mortgage. Shamefully, I've briefly begin marketing to deal the have a few buyers already interested. SMH, at this point do I just let this deal go, and refer her an agent who can have a buy to pay off the whole loan amount or do I try something else? 

Property information:

ARV 110k

No repairs needed 

Loan amount 65k 

Payments 545/month

Interest rate .08% (P.I)

Seller asking 15k (buyers responsive to me asking 25k down payment at closing 

Current tenant paying 800/month

Market rent 1000

I'm working on a deal, where I would be using seller's financing. In this deal, the property is worth 110k. The seller has a 65k loan on the property @ 8.5%, payments  of $543.63/month. Property has a tenant on a 3 month lease paying 850 a month.  Seller agrees to 5-10k down to take over payments. How should I structure this deal as far as  closing date? (Because of tenants)  Additional clauses?  

Best and worst case scenario. I get a property under contractand find out it is a tax delinquent property from the sheriff sale in philly, and also find out I can't get a title insurance. What is the best and worst case scenario for me with this property?

Martin I was thinking of just wholesaling the whole deal to the investor who can just set back and receive the monthly income. Now I have a recent referral that I would like to speak with you about if you are available 

Greetings BP, 

I have a seller who is looking to sell their property in the olney area of phila. The property needs  minor cosmetics and has tenants paying  $850 a month. The seller stated she is not taking a cash wholesale price and still have an existing mortgage in place asking 60k for the property. How should I look to structure the deal if there is a deal at all? The seller has another propert next door that is willing to sell as well. Could there be a deal if both properties was brought at the same time?

PLEASE REPLY. ALL FEEDBACK IS WELCOME AS I AM A NEW INVESTOR/WHOLESALER IN THE BUSINESS.

Thanks for that Greg. That was some much needed encouragement. 

Bigger Pockets to be honest with you, I've been in the business now for 2 to 3 months. I've read book after book and video after video. I've meet some great people along the way who offer their experience and advice to me for a fee. Honestly I feel like everyone is out to get over on me. I tell everyone I meet who offer their skills that I can do it on my own, but here I am 3 months and haven't done my first deal yet smh. I often ask myself, what am I missing? What am I not doing? I love promoting my business and myself. I've spent many nights up late writing letters to preforeclosures, absentee owners, distressed property owners, and inheritances. I've received a number of calls and talk to sellers so often that I'm comfortable with talking about real estate like I've done it for years. At this point, my confidence is very high, I'm even more driven now then I've ever been in my whole life but at the end of the day I always ask myself this one question. What am I missing?

I am looking for some information on seller financing. I am looking for how to set up the terms, and the do's and donts of this strategy. Can anyone help me

I am a new investor/ wholesaler. As I begun my business, I've noticed I've gotten a few calls for from sellers who is interested in making the sell but a wholesale price doesn't work for them. One case, the seller is asking less the market value, but will take a down payment. Since he is a retiring landlord, I'm sure he would be interested in the monthly income without the headache. Am I going in the right direction with this? If so, how do I set up the sell as far as the contract between and the seller then me and the end buyer?

I forgot to mention, he just did a rehab on the property recently.