All Forum Posts by: Neil Robertson

@Andrew Postell

When I go to close the deal on the purchase do I bring a check that is from the LLC, then after file the dead with the court house? Because basically you are buying the property with your own cash.

Or does this not even matter 

@Max Gradowitz

How easy is it normally to refinance once the balloon is due? I suppose you have to have all your ducks in a row before that time comes 

@Tracy Z. Rewey

Tracy this unit is a 10 Plex, would I have to refi out of the seller financing with a commercial loan? 

im guessing the loan term for commercial are 25% down payment and 20 year amortization 

@Tracy Z. Rewey

awesome advice! 

yes he owns it free and clear, BP has a lot of info on wrapps I will def look into that! 

thanks tracy 

@Steve Vaughan

awesome idea!! 

thanks for the advice man, 

Just a thought the refinancing process would be a hell of a lot easier using the bank I am doing the contract servicing from. 

@Steve Vaughan

Steve 

thanks so much for the reply, If I can get longer terms I would def do that. The seller may want to dump the property before 5 years though. 

I just spoke with a loan officer and she told me if I do not have a note, and ownership they will not give the payments I make towards equity!! wow I didn't know that. Things like a lease option wont work 

Mike 

First of all thanks for the advice! The seller is motivated so he may accept principal only payments, allowing me to acquire the property easier and faster since I don't have the total downpayment now! 

and I agree with you the appraisal may be lower when I go to refinance ! man that's kind of scary to think of 

Seller financing question....

I'm thinking about proposing this to a seller.  Purchase price 600k, I give him 60k for a down payment, then 5k per month for 1 year (60K). 

After 1 year I owe him the rest of the price for the complex $480,000. 

Question 1- when I got to refi out of the seller financing deal into a conventional does the 120K I have in the property (60k down payment and 60K from 1 year of payments) count for the down payment? Do I now own 20% equity in the property? how does this work? I would purchase the property with a conventional loan but I do not have the 120K for the 20%. 

Question 2- During this 1st year term how does one handle the payment system? I've read that an escrow company would help with this. 

Thanks for your help!!! 

thanks for the Help! no not yet but I will soon. thanks for the advice 

Hello Guys

I am lookin to purchase a Owner Ocupied 4 plex in my area. Only problem is that they are all fully occupied!!! I live in Louisiana, can I evict a tenant so I can live in one of them? is that legal? Any advice on my options?

thanks very much!