5 Chicago cash flow SFR's: no money down and seller financing!

[Eric S.]

Hello BP Nation,

I want to take advantage of a new construction deal, so I am forced to sell 5 of my buy and hold properties. I have owned these properties for the last 6 years, and 4 of the 5 are rented to long-term tenants. I have put together a true no-money down deal.

Purchase prices: All around 100k

1st mortgage: 75% Private lender mortgage.

Will only lend to a business entity.

Must have a 650+ credit score.

20 year term between 5-8% based on credit profile

3 point loan fee (I can pay this for you!)

The more cash reserves you have the better.

2nd mortgage: 25% seller financed mortgage

I am originating this, and we can get creative. I was thinking interest only at 1% for 5 years, and then 30 year at NO INTEREST! If you want me to pay your loan points and/or part of your closing costs, I can do that, but I would want to recoup that over a reasonable term. Basically, we can work out whatever you’d like to do.

I also have a management company I use and am very happy with in place at 7% of the rent amounts. Taxes are low, and insurance can be transferred over to you. I only pay about $35 per month for insurance. I can give details on that later. I will also advise you in management and can even recommend contractors etc. if you need them. I want you to have a positive experience with these properties.

I want these to cash flow for you at least $300 per month. Some will be more, and one will be much more. I am not giving out the addresses at this point because I don’t want my tenants being disturbed. If you are interested, send me a message and we can start a conversation. I can negotiate any part of this deal that you would like. I want to create a win/win here, and hopefully we can work out a deal!

Eric