Need advice on a VTB mortgage for my first property!
Hello all,
I'm buying my first property, a 6plex, with a VTB mortgage. I'm very new to RE investing and need some advice.
The seller is a landlord that's looking to retire, and he still owes $90,000 on this property. I'm looking to offer him $500k for it, the $90,000 as a down payment to pay off his current mortgage on the property, and the rest of the mortgage at a 3% interest rate.
What are some things I should watch out for? How do I make sure that the down payment I get to the seller goes towards paying off the loan (would the lawyer handle this)? Is there a way to offer a lesser down payment than what the seller owes on the property, such as transferring their existing loan to me?
Thanks in advance!