Portfolio of properties

[Edwin Cruz]

Hello BP clan! Hope all of you are killing it in your RE biz. I am a newbie trying to get my first property under my belt. I have come across a seller in my local area that has a portfolio of 5 properties that he needs to sell in a divorce settlement but I am really only interested in one of the properties which are two duplexes that are on the same lot. He said that all of the properties are on one commercial loan so he can’t just sell one unless I gave him 150k for the duplexes cash. Problem is I don’t have 150k liquid. This is what he texted me about the properties: (1/3)I need 450 for all 5. There is a $330,000 First Mortgage Debt under the agreement of the commercial loan can be assumed by a new person. (2/3)there's an easily assumable mortgage. But I still need my hundred and twenty in cash and you can take over the payments on the 330. (3/3)That payment is right around 3800 Piti on income of a little bit under 7 Grand if you got them all rented (1/2)So I can't take a partial assumption on one property out of the 5 property package. Because all five properties have one single mortgage. So if you just (2/2)want one property I'm going to need the entire pay off for that one property So that’s pretty much the jist of it. Anyone have any ideas on how I can make this work for me?