All Forum Posts by: Brad Patterson

Hi George, Thanks for your detailed reply it was very insightful. I decided to just buy the one 12 unit apartment building  for now. Trying to to get both at the same time was a little too ambitious for my first rental property. After going through the commercial mortgage process with few banks and mortgage brokers I'm more inclined to do seller financing in the future. 

Hello BP Geniuses, 

I am in the process of buying 2 apartment buildings from the same owner in Eastern Canada. This is my first multi-family purchase and each building has 12 units. My wife and I can get the financing from the bank for one but getting financing for both looks to be a stretch.

I want to propose seller financing to the owner for the 2nd building, if they agree I have no idea what to do next. I'm sure we would need a contract with the mortgage terms but what else? What is this process like?

Any help would be very much appreciated.

Thanks,

Brad