All Forum Posts by: Kristin Whitfield

I have a potential purchase for an investment property and have a few questions about creative owner financing.

A few details on the property:

It is a bundle of 2 duplexes. Currently, 3 of the units are rented and one is vacant/currently undergoing renovation (approximately $7000 worth of work remaining). Two of the tenants refuse to let the current property manager in, so I assume there will be work needed to these units as well. The roof is really old and definitely needs work if not replacing. The owner is selling the property as is. Rents are currently $800/unit.

The owner received the property as an inheritance. He is open to owner financing with the following conditions: 15,000 down (about 5.5% down), 5-year balloon, 6% interest rate. We are both using realtors.

I'd like to make a slightly different offer making use of owner financing. Here are my questions:

1. Any ideas to help cover the rehab I know I will need to do, as well as the potential issues in 2 of the occupied units?

2. Does anyone have experience with offers that have a 1 or 2-year moratorium on interested payment, basically principle only?

3.  Any suggestions on a "middleman" to take of collecting the payments, and keeping records? 

I'm sure I am forgetting some things. Any suggestions for making use of his willingness to use owner financing with a few creative options for me are welcome!

I would love some help and advice 

Thanks.

Any other suggestions?..Matt's team won't do Kenosha

Hello

We are looking for someone to manage our properties in Wisconsin, Milwaukee Area, and Kenosha 

Do you know anyone?

By the way we live in Wisconsin 

Hello

My spouse and I are in the process of getting and EIN number for our LLC. Which is best the Single Member LLC or the Multi Member LLC to choose on the IRS website?

We are getting a rental property and are in this for the long haul together. We are not planning on having anyone else in the LLC

By the way when I click single member on the IRS website at the end before we are done it only shows my name...

Please help

Hello  

I heard that Fannie Mae now allows us to buy up to 10 properties (4 units and under)

I am married so does that mean I can get 10 and my husband can get 10?  For a total of 20!!

We live in Wisconsin by the way

You all are so helpful.  This gives me some much info to consider 

Thanks

Hey Paul 

Do they manage your properties ?

Does any one know any good property managers in Kenosha Wisconsin ?

You make a good point...so I have this question

What is the best approach with Owner Financing in an area that is flat or in decline?