Multi Family Opportunity

[Shawn Riley]

Hey BP! I am wondering if you guys can help me out with this deal. I have an opportunity to purchase a what is currently a 4 unit house in downtown Rochester, NY. The seller has a mortgage on the property for $105k. The units consist of 3 studio apts and 1-1 br apt. The house needs a lot of work in my opinion in order to bring the rents up. My idea was to make the property into a duplex with 2-2 br apts. Is it possible for the owner to keep the current mortgage in place while I control the property? I am new to multi family properties, so it is greatly appreciated if anybody could give me any input on this deal. Thank you BP!

[John Boychuk]

Originally posted by @Anthony Barbato:

@Shawn Riley You could always assume the mortgage

 Most residential mortgages aren't assumable... Unless you are talking about doing a subject-to deal.