All Forum Posts by: William D Banks II

@Dennis M. What does he need in the deal ?Offer 10% -12,500 instead of 20% Use the difference to repair the roof and reserves assuming of coarse you can get it done for that . Finance as long as he’ll agree to and preferably interest free without a balloon . After all your friends ! He just wants to sell the home so he can be transferred and not worry about it any more. Also he needs to stay in the home for he next 4 months until his transfer. I am getting some more quotes for the roof but for now on average it’s gonna be about 10k.

@Tara Daniels Thanks Tara, if I decide to go that route I will definitely contact you first!

@Thomas S. Thanks for your input Thomas. I have definitely considering and plan on implementing much of what you said as I build my investment portfolio and business. At this point I have a Deal In front of me and I am trying to train my brain to think, how I can get this deal. Some things i’ve considered: 1) Talking to my co-workers lender to see if they would let me assume the mortgage at minimum fees 2) Seller financing if that is possible 3) Private money loan for repairs then refinance later 4a) Hard Money loan for repairs then refinance later 4b) Hard money loan for purchase+repairs (*only if i could not get a conventional loan on the property ref. the roof repairs) then refinance after establishing new tenant+refinance wait time 5) .....Something my mind can’t conceptualize.....

@Joe Ballinger How do I setup seller financing if he has an existing mortgage? 🤔 I thought it was really only viable if he owned the home free and clear?

@Jim Pellerin I was looking to keep the property as a long term hold. In addition, my co-worker is being transferred in 4 months and wants to rent the same property from me after i buy it.

@Joe Ballinger Thanks for the reply. I have the money for a 20% down payment however that would leave me with nothing for repairs. That’s why I was wondering if I would assume his mortgage or do a wrap-around strategy?

My co-worker is looking to sell his rental for what he owes on it....125k.......the property needs about 15-20k worth of work inclusive of a new roof. My ARV on this property would be 175k. I have the money for repairs but would like to get into the property with no or low money down. I was wondering if i could take over his mortgage or something like that....but i have little knowledge on how to do that or pitch it to my co-worker. Any creative ideas?

@Cassi Justiz I have the same question. My co-worker is looking to sell his rental for what he owes on it....which is about 75% ARV....the property needs about 15-20k worth of work inclusive of a new roof. I have the money for repairs but would like to get into the property with no or low money down. Any creative ideas?