All Forum Posts by: Ryan Gartley

Looking into an REO triplex (asking price $95,000) that will need less than $20,000 in repairs. Should I use my BLOC or use a hard money lender for down payment and rehab? Thanks in advance!

Thanks Anthony. I do believe The reason the seller Offered to seller finance is for a higher interest rate. I am still trying to find out his terms though.  Originally I was fine with going standard mortgage and I have enough for down payment up to $500,000. Like I said before I offered $460,000 and he said would you up for offer or consider seller financing with his caveat being he still owes $300,000 and his bank would not allow him to have wrap around mortgage. I don’t know what his  price is but I’m wondering if I should Just up my offer a bit more or do The $300,000 mortgage/seller finance thing like I was talking about. 

Ok thanks for your help I’ll check with some different banks. I guess I would tell the bank I Need a mortgage for the $300,000 (even though the agreed sales price would be $460,000) and would the bank need to know about the seller financing for $160,000? Would there be any bank issues when the appraisal comes in? 

8 unit multi family Asking price $675,000 for over two years. Way over priced for this area. Went off market. Contacted seller and put offer in at $460,000. Seller asked if I would up my offer or seller finance at that asking price. They said still owe $300,000 and can’t get a second mortgage. I’m not familiar with seller financing but trying to figure out how this could work for the both of us. I would think we can’t do a wrap around mortgage because the due on sale clause could cause lump payment. Is there a possibility to get traditional mortgage to pay the $300,000 they still owe and then seller finance the remaining $160,000. Any advice would be greatly appreciated. Thank you. 

-Ryan

I'm new to looking/buying properties that are behind on taxes. There are a few properties (which seem to be in good shape) in my neighborhood that are behind on there taxes. How should I approach them with a deal? I have researched and found their contact information just need to know how to approach them and how to structure a deal. Since I'm new to this area would I be able to get a mortgage on a place that is behind on taxes? Thanks for any advice!

Thanks again for everyone's feedback and comments. I actually just found a great deal in my market. An eight unit apartment complex that its pretty dated. I will have to pull from my IRA but think its worth it.

I am looking at an 8 unit apartment building and want to know if there is a way to live in one unit and take out an FHA loan to pay for it? All of the banks I called so far say it cant be done. Im feeling defeated. Do i Have to pay the 20percent down? Is there another way to finance for less than 20 percent? Thank you for your time!

I am trying to set up a seller financed deal with a man that has a triplex and he is in his late 70s. His wife and him are not in great health. What happens when the inevitable happens (they pass) and the house isn't paid off. He doesn't have any children. Should I avoid this deal. Im new to this and need some advice. Btw the building needs a good bit of rehab and wont pass bank approval. He doesn't want to fix the issues. I can give more details. Thanks

Thanks for your response. @Colby Fryar, @Alex Bacon, @Caroline Widjaja I currently have 6 units. They are all in and around the neighborhood I live in (south of Pittsburgh). My goal is to get to 20 units by the end of next year. I guess it just depends on like you all said what kind of deal(s) I find and the market. I am trying to stay in my market just because that's what i know best. Would any of you advise not cashing out of my IRA? I know I will take a penalty. I feel real estate (as long as the ROI is right) is better than the stock market. There is about $45,000 right now. THanks for everyone's help

I have access to $115,000 through cash-out refinance i'm working on now, a HELOC, and my IRA. Would it make more sense to look for one bigger deal or smaller multiple deals with this money. My goal is buy and hold for long term strategy. Any advice would be greatly appreciated.