All Forum Posts by: Tyler Deuel

@Jason DillardI know the answers to most of your questions. Very good screening information...however it does not solve the question at hand. I basically need to structure something that removes the burden of the seller's mortgage and pays them some monthly interest with a balloon payment in year 5 or 10. 

@Patrick Fraire Thanks for checking

@Joe G. I spoke with 11capitalfinance today and they do not work with lenders that allow the deal to be structured in the way that was proposed. They mentioned they work with lenders that provide up to 5% seller carry back but no more than that. Not sure if I am missing something...It is also important to note that this a residential deal. 

@Joe G. I will look into their criteria. I appreciate the insight! 

@Patrick Fraire Thats a great deal. Does your lender do deals in NJ?

@Joe G. great suggestion. The only issue I see with that is the lender is going to have a problem with me financing the remaining 25% with a second mortgage. I have actually tried to put together deals like this in the past and they have been shut down by multiple lenders. They basically all wanted to see that I had skin in the game. It is my understanding that financing with a bank mortgage in 1st position and a seller carry back in 2nd position is something that was allowed prior to 2008 but has since died out. That is why I am looking to make something work without using a traditional lender. Please let me know if you know of any lenders that would allow what you are proposing. 

I am looking to do a deal on a home worth about $300,000 with an $80,000 mortgage remaining. Is there a way to combine sub-to and seller financing to make this deal work for the seller (assuming the numbers make profitable for me to rent the property)? I would like to remove the burden of the mortgage payment while also giving them some profit in the short term and offer a balloon payment in year 10. They will not accept the deal if it is just a subject-to offer in the amount to cover their mortgage payment. 

@Vaughn Smith thats who I am working with. Great service! Met him on BP. Just asking in general because I have heard multiple things from people in different states. 

How long do you have to occupy a home when using an FHA loan in NJ? Does it depend on the lender? I have heard 6 months and I have also heard 12 months.