All Forum Posts by: Loreto Malvone
Loreto Malvone has started 2 posts and replied 11 times.
Post: Seller Finance Dilemma
- New to Real Estate
- Yuma, AZ
- Posts 11
- Votes 2
Quote from @Patricia Steiner:
What you're asking is none of your business. What is your business is what are YOUR terms of the seller's financing - the interest rate, prepayment penalty, term/amortization, and titling/deed. You also need disclosures on all of this but what you need even more is a real estate attorney to oversee the documentation and process. A transactional real estate attorney is the best investment you will make here.
What you don't know can and will hurt you badly. You may have found the right deal but now it's time to ensure that it will still be the right deal after you put your money down and sign. Get a real estate attorney.
I partially agree. How can I submit a subto offer without knowing how much the loan balance is and how much equity we would be paying them per month? Yes, I understand the need for the real estate attorney.
Thank you.
Post: Seller Finance Dilemma
- New to Real Estate
- Yuma, AZ
- Posts 11
- Votes 2
Quote from @Account Closed:
Quote from @Loreto Malvone:
I'm new and I work with a team who is helping me get started. I was provided an on market house to call the listing agent. The homeowner is open to seller financing. They want 17% down ($68,000) down, Monthly payment is $3829.56. Thats all the info they will give. They will not give me outstanding loan balance or when the loan matures. I am willing to work the terms to fit both but the seller will not give me the information that I need to make sure its a deal.
I feel like the seller is asking for all of the equity as the down payment. How can I get around this road block? Thanks in advance!
Im not looking to put $68000 down. Im trying to underwrite a creative solution that meets both parties needs.
Post: Seller Finance Dilemma
- New to Real Estate
- Yuma, AZ
- Posts 11
- Votes 2
Quote from @Eliott Elias:
The seller does not need to give you their loan terms if you are working owner finance. If you are negotiating a subject to deal, that’s a different story.
You are correct. It is Sub To, not seller finance. I would look to have owner carry the equity and get payments each month.
Post: Seller Finance Dilemma
- New to Real Estate
- Yuma, AZ
- Posts 11
- Votes 2
I'm new and I work with a team who is helping me get started. I was provided an on market house to call the listing agent. The homeowner is open to seller financing. They want 17% down ($68,000) down, Monthly payment is $3829.56. Thats all the info they will give. They will not give me outstanding loan balance or when the loan matures. I am willing to work the terms to fit both but the seller will not give me the information that I need to make sure its a deal.
I feel like the seller is asking for all of the equity as the down payment. How can I get around this road block? Thanks in advance!
Quote from @Hamp Lee III:
Does a teacher call themselves a teacher before the start of the school year? YES.
Does a doctor say they’re a doctor before their first patient? YES.
If wholesaling is your start, you’re a wholesaler. Get some business cards and talk to others about being one. You never know where a simple conversation can take you.
I wish you all the best.
That is a great way of looking at it. Appreciate the advice!
Quote from @Ben Harvey:
Hey Loreto!
What part of DFW are you moving to? I am in Mckinney, wholesaling all over north Dallas!
Hope the move goes well, I did that drive from AZ overnight in13 hours with my 13 month old asleep in the backseat! HA
Yeah, not looking forward to the drive. My wife and I are traveling with a 4 year old, 5 month old, cat and dog. I will be joining you in wholesaling that area. I plan to do more towards Fort Worth as that will be a little closer to me.
Quote from @Bruce Lynn:
@Loreto Malvone Welcome to Big D......let us know what we can do to help you get settled in and started. Tons of meetup groups here, all with a bit of different focus....attend some of those if you have a chance.
Thank you. I will do. I intend to definitely make it to some meetups.
Quote from @Mario I Fernandez:
Quote from @Loreto Malvone:
Good Afternoon All,
My name is Loreto. I am new to the real estate investment world. I will be moving to DFW this August. Looking to link up with individuals in the area. Wish you all the best!
Hey Loreto welcome to BP!
You will find all the support you need to reach your investment goals right here!
Awesome. I look forward to learning from everyone.
Quote from @Ben Harvey:
Quote from @Christian Lyday:
Hey Loreto, hit me up when you get into the DFW area. Starting out on my REI journey as well.
Where are you at?
Thank you. I will be in touch with all of you. I am grateful for your responses. I am currently at the wholesaling point. Cant really call my self a wholesaler as I have not done a deal yet. But its coming. Just takes time and commitment.
I look forward to working with you all in one capacity or another!