All Forum Posts by: Matt Taschner

Thank you for the feedback @Nathan Gesner

Hey everyone, I have a seller who owns his property outright and is open to seller financing. He is wondering if selling to me over time he will have to consider my payments to him as income? He has lived in the property for 2 of the last five years and if he was to sell traditionally he would not have to consider it income or pay capital gains. Does it work the same with monthly installment payments since there will be a transaction date when we close? I've searched and haven't found a definitive answer to this. Thanks in advance.

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Thanks,

Matt Taschner

Hi @Bob Malecki,  thanks for sharing.  I hadn't thought of using a joint venture with the seller. In this situation any repair costs will come out of my pocket as in your situation.  I will give that some thought.

Thanks @Jon Holdman I am following up with the lender on Monday as I have sent them the signed Authorization to release information.  I will make sure to have things in order before making any back payments. It was my understanding that the due on sale is not common and the bank usually has to have a reason to call it due, ex: interest rate increases.  In this situation the owner has a rate north of 7% so I feel that this should be a bit of an added safety net.  I plan on making payments until we are able to sell, conservatively 3 months.  

Thanks @Derek Dombeck, I think I'm leaning towards a Subject to deal. Would I then get a general warranty deed to take ownership?  

@Bob Malecki, I am her son's friend and an investor.  She reached out to me to help so I want to see what I can do for her and make it beneficial for both of us.

@Jay Hinrichs, they currently live at another property due to health issues.  This house has a split entry making it hard for her to navigate.  She is looking to just sell and get out so it doesn't hurt her credit.  My plan was to get her caught up while keeping the mortgage in place as I continue to pay until it is fixed and we sell.  I've recently purchased a company and am self-employed so getting conventional financing will be difficult for 18 more months.

@Ray Johnson Her current interest rate is 7.8% with the monthly mortgage payment near $2k.  They haven't paid since November and the latest statement showing late fees is just north of $11k. I am sending an authorization to release loan info so that I can talk directly with the bank tomorrow to see if I am missing anything.  

I have a seller that is currently behind on payments to the tune of $11,000. The mortgage owed is $170k, the property needs 30k in repairs and the ARV is $270k. I have the funds to get them caught up on late payments and pay the mortgage going forward until I have the property fixed and sold. My question is how do I set this up? Does anyone have experience with a deal like this? Thanks in advance