Rental Property Investor · Lake County, IL · Member since 2016 · 34 posts · 11 votes
I am strategizing on ways to acquire a new property. Here is the lay out. The property is a multi-family with an asking price of about 80K. The rents are currently $800 for one unit and $630 for the second unit, both units are occupied. The taxes are about $3,000 per year. The owner stated that three properties in different cities are on one loan. I am wondering if I can (1) assume the loan aka take over the payments and pay the owner a lump sum in addition. (2) Maybe I’m reaching, ask the owner to do some seller financing. Or (3) something else creative that I am not aware of to allow both of us to have a win.
Lender · Fort Worth, TX · Member since 2016 · 8k+ posts · 6k+ votes
7y
@Hutcherson Yearwood I'm a little confused here....you are buying one 3-unit property? Or 3 properties located in 3 different cities?
Now, to answer your question in the subject line, sometimes portfolio loans have a "due on sale" clause....but that clause isn't really of concern if you pay on time.
But I'm curious as to the specifics of your scenario. If you could answer the first questions I think we can recommend something more concrete. Thanks!