All Forum Posts by: Account Closed

Looking for real estate attorney recommendations in Maryland. Who do you use?

Well after carefully running the numbers (multiple times), using the BP analysis tools. The deal did not make sense.  The owner wanted way over retail comps, and had 2 mortgages on the property. I would have been upside down from the start. 

It just goes to show that if you do your homework and use the tools provided by BP, you can avoid signing bad deals. 

Thanks BP!!!

I don't have all the numbers yet. The owner said they they have 10 years left on their mortgage. If I try to go seller financing and their bank sees a change in ownership they could demand payment in full, which if couldn't pay the I'd be on the hook for the balance or get foreclosed on. I guess I could go conventional, I was just trying not to have to put 20% down.

I own half of a duplex that has been rented for the past 5 years. I now have the owner on the other side of the duplex interested in selling to me, which means I will own the whole building. I'm not going to lie, I'm very excited! The owner still has a mortgage on the property, so seller financing is a very risky option. what are some other options I could use to leverage financing for this, besides a conventional mortgage?

If I get this deal, I'm going to document the entire deal and transformation of the property here on BiggerPockets. I think it's very important to share info on deals (pay-it-foward).