All Forum Posts by: T.J. Isaacs

MIL's neighbor called and said they are going to sell their house. Renter is moving out end of September. MIL said before she goes to market she knows someone that could be possibly interested in the property. An assumption at this point, but the house should be paid off. They were getting $950/mo and just raised to $1100/mo. House will need a little work, but should value around $175-$180k with updates. I am not afraid to ask about them doing seller financing, just need assistance on how that looks. 

For example purposes:

Offer $150,000, how much would you offer as a down payment? 

How long would you ask for seller financing? If I could fix and BRRRR, would be ideal.

What to offer in a finance rate? 

What else am I missing? 

Using Zillow for collection. Easy, but downside is the 4-5 days processing.

We have 1 rental, but would like to buy more, but will not have enough for a 20% down payment. I have connections that have financial capabilities to buy a house with cash, but am having a hard time going to them and asking. 

First, I know I just need to have a plan and ask. Second, what are some ideas on financing? Do we ask for full purchase, split 50/50 on profit? 100% purchase, but use them as a "bank"? What would be the loan structure? 4-6% financing on loan? 

Last idea, is we take a Heloc out on our home, which we could pull $40-50k out in equity. 

First house was easy, not anxious on taking that next step. 

Any feedback would be appreciated. 

Thanks!

My wife and I are considering loaning our niece a down payment on a house, where she could get an FHA loan. She would then live in and rent out to other roommates. Our thought is we would offer her a 50-50 partnership with us. Once purchased, would you do a quick deed claim into an LLC? After a year or two, refinance into a a standard mortgage?

We bought our first rental and have a tenant moving in on May 8th. Looking add to our portfolio around Omaha/Nebraska. Would need private or hard money lenders to buy #2 and hopefully 3,4 and 5. Would be interested in 6-10% short-term financing.