All Forum Posts by: Alex Langerhorst

Hi,

I recently met a guy through a friend that needs to sell his 2 Family property. This seller is flexible and open for creativity. The seller has a 224k mortgage and that is what he would like for the property. The property was appraised in 2012 for 315k! The rents are below market value and there are 3 garages that could be rented out as well. 

I really would like to secure this deal but i'm running into issues.. 

1) I bought a 2 Fam 8 months ago (main residence) so my mortgage broker said i'm maxed out. Is there a Lender out there that can finance a 2 family not based on my salary?

2) Is it possible to structure this deal different so i don't have to get traditional financing?

If i can't get long term financing i'm even looking for short term financing so i can flip it. I'm open for partners etc.. 

All input is much appreciated!

Dennis,

Thanks for your reply. So you suggest to sell the property?

Hey People,

I met this guy that wants to get rid of his property (for what he owes) and i'm a little lost on how to structure this deal. I just bought a multi (2) family myself last year July so i'm very cash poor but i would like to take over this property.

The seller:

Seller owes 226k

Market value: Between 275K- 300k

Mortgage 6% (Conventional loan)

Tax: 14k, Insurance 1,5K

The seller is current with all his bills.

The rents are below market value and will cover mortgage, tax and insurance.

The seller is open to any creative deal.

How can i structure this deal so i don't have to put cash down and eventually refi the mortgage to get a better rate..

Thanks!

Alex

Thanks Raymond, I really appreciate it!

Hi, 

Is there anyone who can recommend me a tax advisor/ CPA in the NY (Westchester County) or CT (Fairfield County) area who is experienced with income properties ? 

Thank you!

Alex

I always used to file my own taxes but now I own a two family so I'm looking for a tax pro that can help me getting the maximum out of my property. I would prefer someone in the NY area (Westchester or Fairfield county). Any ideas anyone? Much appreciated!! Alex