Philadelphia owner financing

2 Replies

Hey Guys,

This is my first deal. It's an owner financed deal. The owner will carry a note of approx 30k. When paying back the note is it possible to split payments between two people say 50/50? The two family members would like to split the note payments.

The property is located in Philadelphia it is commercial/mixed-use. Store front downstairs residential upstairs. Is it better to put a tenant upstairs and then try to get a commercial loan? Or should I owner occupy upstairs and be a first time home buyer. I have good credit so what would be the best way to pull the equity out of the property, I don't need the money right away. So I am open to waiting 6 months for deed seasoning. Can I acquire the deed at closing even with the owner still carrying a note? I'm using most of my cash for settlement and rehab. 

Thanx in advanced everyone

David, I'm an investor in Philly, feel free to send me an email if you want a second set of eyes on your deal.  Based on your situation and the types of questions you're asking, I think that a seller-financed mixed use property might not be the best choice for your first purchase.  Especially if you are not used to dealing with commercial leases.

Thanx @Ethan Giller. A second set of eye couldn't hurt. I'll email you the specifics in a couple days.

Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!

  • Actionable advice for getting started,
  • Discover the 10 Most Lucrative Real Estate Niches,
  • Learn how to get started with or without money,
  • Explore Real-Life Strategies for Building Wealth,
  • And a LOT more.

Lock We hate spam just as much as you

Join the Largest Real Estate Investing Community

Basic membership is free, forever.

By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.