All Forum Posts by: Juan Maldonado

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Hi Michael,

I am fairly new to Pittsburgh and Real Estate Investment, I actually work full time for a Real Estate Investor helping him find multi-units in the Pittsburgh area. If I can be of any assistance please let me know.

Juan

Bill Gulley

You make many good points and yes this is DEFINITELY a long shot. But it is worth a shot. I complete agree with you that a loan structured with interest is better for both parties.

The option of putting into a trust and Steve Babiak feedback are well taken. I will definitely consult with an attorney on the best way to proceed. For now I am just interested in finding out if the buyer will really carry the loan.

Thanks to both for your feedback

Wayne Brooks,

The question was more to find out if you could get Private Mortgage Insurance on an owner carry back note. The potential seller asked me this and I drew a blank.

In my example, the property with my numbers is worth about 2.9. with a traditional 20% down, 25 YR Term @ 7% Interest. You would pay 5.85 million. I am assuming the full term of loan no refinance.

Someone all ready has offered him 3 million and seller countered at 3.5 I would assume they will settle somewhere in between. So I asked him if I paid him 4.1 would he carry the loan, 20 YR term. No interest.

With a traditional set up the Yearly mortgage payment would be $234,933, owner carry back it would be $205,000. Freeing up 28K in cash flow.

Dion DePaoli,

Thanks for your feedback. The Land Contract idea could be possible to offer the owner a better sense of security. I do believe that the company would qualify for a loan, and yes this is obviously be the cleanest option. Just seemed if we were planning on holding it long term, and owner seems to be looking at this for his retirement, this could be a win-win for both. More than anything wanted to know if there were companies out there that would guarantee the owner carry backs. Because I drew a blank when he asked me.

Dion DePaoli

The property is a 46 Unit building in Pittsburgh. The seller says that he has an offer on the table for 3 million. He countered at 3.5. I visited the property today, i told him that I could do 4.1 if he was willing to carry the note.

My proforma shows this property is really only worth 2.9, I make my proformas with a 20% down, 25 year term, 7% interest loan. I don't do any of the borrowing or finance so I don't know if we could get better terms. At my 2.9 price when this loan is all paid off I would end up paying 4.9 Million.

My seller said that he would carry the loan if I put 20% down and was able to guarantee the loan, which is why I started asking about Private Mortgage Insurance and if there was such a thing.

If you have any ideas or companies that can offer some guarantee I am all ears, thanks for your time

Bill Gulley

Just spoke to Drew @ Deltoro Loan Servicing out of California and he had good advice on how to structure the deal attractive enough for my seller to be able to resell the note if he wants to cash out. They will help find the buyers of the note also.

Thanks again

Bill Gulley,

Thank you for your reply, off the top of your head do you know a large national Loan Servicer that you think would do this?

Hey Shannon, thank for your reply, yeah I am not sure if it is available on a seller carryback either. I am going to call some PMI providers and find out.

Thanks again for your feedback

Hello, I am looking into an opportunity to acquire 46 units for my company, the owner is willing to do owner financing, but is demanding us to get Private Mortgage Insurance does this even exist? I have never heard of it.