All Forum Posts by: Kristin Flores-Brockman

I have a friend/neighbor that wants to sell me his house below market value so he can move back into an apartment and travel. Wife and I are both self-employed so acquiring a traditional mortgage is challenging based on our "on paper" income. He has a conventional mortgage at 3% and sadly it's not assumable. We can afford this, but getting a new loan at ~6.5%+ wouldn't be doable. 

We currently own the house we live in and would rent it out upon moving into his house. We also own a rental property. Both of these are seller-financed on 30 year notes. We want to do this transaction so we can upgrade our living space, have another rental (our existing house), and eventually rent out the new house (his house) after we grow out of it.

What do you recommend? Can we seller-finance his house with a promissory note of some kind even though he still has a mortgage? Should we "rent-to-own" his property? 

Hey everyone,

I am a certified real estate appraiser and investor. I joined Bigger Pockets to further my investor mindset, connect with other investors, and create passive income through affordable housing!

@Kristin Flores-Brockman Yes!  Typically we do 25%BAC, but there are times we do incentives at 40%!

Hello everybody! I'm excited to join the BP community. I'm here to build connections and expand my knowledge around REI. 🤠

Im looking at relocating myself and my funds to the DFW area after completion of this property and will have aprox 500k USD but looking to only use 300 of it to as investable capital.

i feel like that should be a good amount so that way i would have funding issues due to lack of american credit history.(im told they are not the same)

Hopefully that clears up any gaps in my introduction

I Am currently in the finishing stages of building my own house in Ontario, Canada and looking to sell and relocate to texas (likely DFW area)

i have done 90% of the work on this project by myself so im confident in my ability to do any and all repairs on the property. 

Ive come to this community to get insight and tips that i may find useful to help me on my journey.

Thanks,

Kurtis

Hello, I have a duplex with an adu under contract. I have to go FHA since Conventional doesn't cover multi family with an adu. The property is older and the appraiser gave a list of repairs needed in order to be approved for FHA. The seller is willing to negotiate price, but I have to pay for all repairs upfront. Has anyone dealt with a similar situation? This seems risky, since I have to pay for repairs on a property that's not even mine yet. The deal is very good and I'm willing to go through with it, but how can I protect myself to the fullest?