Property is not worth $1M and was over inflated to appear note holder has 20% equity.To answer question this is seller financing but this end result rarely if ever happensSeller would be better selling it for $800k+ cash and end up in better place

We fear that Lakewood is over-inflated on purchase price for multi-family properties.

It's the odd ones out that probably got a great deal on a property and immediately jumped into just getting good-great cash flow.I would say look at your dollars ($), do the math, make sure your sites are set on not going over your funds ($), make sure the location you are looking at has your criteria and find a property that fits.

@Boone BergsmaIf they were all selling for par, B,A,CB because it’s fastest term, then A because higher interest rate possibility to get paid off on refinance.C long term low rate and your overall yield barely keeps up with inflation.

However in the future because  of how these things tend to go, I would not have called insurance or a remediation company, I would have just fixed it immediately before it got too bad then warned the tenant not to do it again (and to be fair to them it’s odd that simply hanging a picture would cause a major plumbing leak, the likelihood of that happening is so low) and moved on.

I have heard of instances where one (the borrower) is allowed to choose the appraisal company or put in a recommendation for one which the institutional bank may honor, and then the person already knows someone there, that they have gotten to know with time from other projects, and it's not unnaturally inflating value but favoring a good one to keep the reoccurring client.  

You are financing at less then likely future inflation rate.

I explained to him I stand up when I pee so I'd have to evict them instead.....Oddly enough, he didn't hire us lol.

I'm oddly a fan of seasonality.

Some are knowledgeable, but many have inflated egos and cite how many doors they "own."