Another New Rental Offer
7 Replies
Lukasz Kownacki
from Middle River, Maryland
posted over 3 years ago
Good Morning BP community,
I recently was able to find a seller fianance deal from a real estate investor who wants to reitre and seller fianance all her properties to have a cash flow. I was given a offer to take all three properties but I only see possible potential in one.
Lange Street: 2 Unit currently rented for $850 each unit. She owns Free and clear. $100,000 at 5.5% no money down. 30 years
Larkhall Rd: single family $90,000 currently rented for $1100. Owns 80,000 on it still (641.90 monthly) plus $10,000 at 5.5% no money down 30 years.
2nd Larkhall Rd: single family $90,000 currently rented for $1100. Owns 75,000 on it still (620.55 monthly) plus $15,000 at 5.5% no money down 30 years.
I ve been tryig to play with the numbers. What do you think? Are the ABC streets even worth investing in?
Thank You Again,
Lukasz
@rob gribben
Lukasz Kownacki
from Middle River, Maryland
replied over 3 years ago
These are all in Dundalk. Baltimore Maryland
James Kendrick
Investor from New York, New York
replied over 3 years ago
What are you looking for? Cash flow? Appreciation? Stability?
You can get the same cash flow in other areas for much cheaper but with more risk. The seller financing terms are attractive but I think you can do better. Baltimore is a complicated animal right now. You need to be in the right areas. And unfortunately they don't always equate to the most logical investments.
Natasha M.
Investor from Columbia, Maryland
replied over 3 years ago
Hiya neighbor! If the houses are in really good condition & the renters are stable that's not too bad of a deal in Dundalk.
Alex Morstadt
Lender from Alexandria
replied over 3 years ago
She doesn't have due on sale clauses on those mortgages? What happens if the banks foreclose on the properties? You could be stuck with some serious issues with the ones which she owes on.
David Avetisyan
from Glendale, California
replied over 3 years ago
I wouldn't be interested in an owner financing on properties she doesn't owe free and clear. It can get messy.
Govern yourself accordingly
Matt F.
from Columbia, Maryland
replied about 3 years ago
Hi @Lukasz Kownacki , I was wondering how this panned out - did you end up making an offer on anything ?
Lukasz Kownacki
from Middle River, Maryland
replied about 3 years ago
No I only saw one of the properties being worthy and the other ones were very bad deals.
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