All Forum Posts by: Nate Bartlett

I'm curious how much more will a double closing cost you vs. just assigning the contract? With an assignment, you simply receive a check for your assignment fee. On a double clsoe, you are paying for title services, attorney fees on both ab and bc closings, transactional funding fees, etc? Couldn't this be several thousand dollars? I just want to make sure I understand the implications of moving forward with a double close before I do one.

All very good points. Noted. 

Edit: state is Illinois  

As far as exit strategy, I'm fairly confident in being able to refi. I'm purchasing far under the current value. I also plan to add value by upgrading kitchens and bathrooms, paint, etc.. ARV is conservatively $125k.

It does have a tenant in place and she’s far under market rent. She’s aware than rent will increase by $200 in 30 days from $850 to $1050. I’m going to do a one year lease with her at that new rate. Once her lease is up and the home is vacant, I’ll do the upgrades. This will raise rents from the current $850 to $1800. Cash flow will not be a problem. 

Please let me know if you see any holes in my strategy. I’m here to learn. 

 Thanks for this!

@Jeff Copeland Thanks. Any ballpark on what an attorney might charge for something like this? I might also reach out to a title company that I used to work for many years back to see if they can do it.

@Chris Seveney Thank you. It's not owner occupied, but it does come with a tenant in place. 

@Wayne Brooks I don't know either. Honestly, I'm so over using this attorney. She is my attorney and owns the title company and she has a terrible attitude, but I'm too far in the process to switch to someone else. 

This is my first off market deal, so I'm just making sure I don't screw it up. Are these forms I can find on Bigger Pockets? (I have a pro account). Or can a title company supply them? I searched online and could only find a promissory note template, but I couldn't figure out how to get it to show that the mortgage was amortized over 30 years, but there's a balloon payment in 36 months. 

I'll keep this short. I'm purchasing a property from a fried in Illinois (Cook County) using seller financing. 

Purchase Price: $54k

Down Payment: $10k at closing, $3k in 6 months

Terms: Remaining $41k amortized over 30 years at 3% apr, balloon payment in 36 months.

The sellers attorney has ghosted him. I have no idea why. My attorney will draw up the agreement contract, but she does not want to do handle the mortgage document because she says it's a conflict of interest. 

What's the best way for me to do this?

TIA,

Nate

This would be my first BRRRR deal. Not a DIY deal for me.

There are more photos here:

https://www.zillow.com/homedet...

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 Thank you. I will ask for sure.