I am currently looking at a property that falls into my portfolio in respect to location, property and potential ROI. The owner needs to sell because he manages remotely and he is tired of dealing with it.
Unfortunately, I have maxed out my ability to take on loans for Realestate based on the number of properties that I have and conventional lending and I don't have the 20% at to put down if I did find a loan.
I offered the owner a potential Owner Finance options with a good down payment, balloon payment and higher than market interest rate. He said he really can't do that because of his debt position with the property. He did say he would consider having me assume his note and take over ( I don't have the details on this yet).
Has anyone been in a similar situation and positioned a different creative option?
I am looking for any ideas I can evaluate and present to this seller to make this work for both of us.
I hope this is a clear request but I will be happy to answer any questions to help come up with options based on what I know.
For a creative deal you need to know the existing financing exactly, payment, who has note a fixed-rate or ARM, why seller is selling, etc
Tools to use: subject to, lease option, wrap mortgage, etc.
@Marwan Marzagao how many financed properties do you have? Did you know that you can do up to 10 financed properties with conventional financing? And did you know you can put as little as 15% down if it's a 1-unit property with conventional financing? I just did a topic about overlays, you may be interested to read it.
Let me know if you have any questions, happy to help.
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