All Forum Posts by: Alexis Zion

Hi all,

 I have a question about a deal I'm trying to put together.  It is going to include some seller financing. Who do Iget to actually help me write the deal.  I want to make sure that everything is correct and I'm not confident that my realtor can help me write it.  Should it be someone local?

Frank how do you plan to structure the deal?

Hi All

I ran across a property the other day  that has been on the market for about 400 days. 

I have been to the property its in an okay area.  It was remodeled from a small store to residential units.  Plus seperate units on the back

 The owner is willing to finance the whole amount. Which is what is making me interested. 

I was thinking of proposing the following

the first 5 years principle only, with a refi-at the end/or not... I would love to see if he would go longer..What do you think?

I would like to ask for either money off or a credit for some needed work?

Who would be the company/custodian who would receive/disperse the "mortgage" payments?

Any other things I am not thinking about?

Any other ideas on how I could structure this?

Thanks

Alexis 

Hey folks,

Want to get you opinion. I bought an 8 unit building last year. Besides having to renovate and get all new tenants, I did a bunch of work with a new heating system (all new individual units) so the tenants now pay their own heating bills. I got the building for $150k...it appraised last year at $230k..I owe about $100k.

I had to put the furnace project on my credit cards--a lot of money. Fortunately, I have 0% interest on my credit cards til June 2015.

I showed a big loss on my taxes because of all the work I did in 2013. The building is now filled and for the past few months I have been at full cash flow with minimal expenses!!!

Now for my question. I really want to get the furnace cost off my credit cards. When would I be able to refinance? I don't know how banks think or what they are looking for. Do I go back to the same back or choose a different one? What do I need to show the bank so the big loss from last year doesn't make them turn me down? I would like to be able to do this without killing my credit.

Honest opinions please.

Thanks,

Alexis

Hey folks,

Want to get you opinion.  I bought an 8 unit building last year.  Besides having to renovate and get all new tenants, I did a bunch of work with a new heating system (all new individual units) so the tenants now pay their own heating bills.  I got the building for $150k...it appraised last year at $230k..I owe about $100k.

I had to put the furnace project on my credit cards--a lot of money.  Fortunately, I have 0% interest on my credit cards til June 2015.  

I showed a big loss on my taxes because of all the work I did in 2013.   The building is now filled and for the past few months I have been at full cash flow with minimal expenses!!!  

Now for my question.  I really want to get the furnace cost off my credit cards.  When would I be able to refinance?  I don't know how banks think or what they are looking for.  Do I go back to the same back or choose a different one?  What do I need to show the bank so the big loss from last year doesn't make them turn me down?  I would like to be able to do this without killing my credit. 

Honest opinions please.  

Thanks,

Alexis