All Forum Posts by: Mark S.

I have used Mission Real Estate and Property Management and had good success with them managing several multi-unit apartments, as well as doing some tenant placement for SFR properties that we own.

I agree that I would definitely not offer more than it appraises for. I plan on asking him to pay for the appraisal if he doesn't believe that it's not worth the $125k. I just don't know if there is a creative way to structure the deal so that I can pay less than 25% down payment

I just recently got a call back on a direct mail letter, and after calling the interested seller I now have an understanding of what he is looking for, but I would like some advice on how to structure an offer.
The property he owns is a duplex that I believe would appraise for $100k to $110k. He claims that the rents for each unit are $750/mo, but I think that $700/mo is more in line with the area. He owns the property outright, but has a line of credit on his home that he used to purchase it and has $128k outstanding on that. He is looking to get $125k out of the purchase to pay off his line of credit, but does not seem interested in carrying a note on the property.
I would love to purchase this property and am even considering conventional financing, but I would like to minimize the down payment. Are there any other ways that anyone might recommend to structure a deal with this seller?

Thanks everyone, the more I read into it the more I figured that this was the outcome. We got a good deal on the property and I feel fine with the terms of the lease agreement, so that is a plus. At least now I understand the issue with the deposit and I will be more vigilant in the future.

I recently purchased a property that was a short sale, and the purchase addendum stated two things: 1. that I allow existing tenants to remain in the property upon review of the existing lease, and 2. that the tenant's deposit and prorated rents would not be transfered. Now I am being told that this is the same as me assuming their lease and deposit? I don't believe so, but I would appreciate some feedback. Maybe I was just duped by the seller and I don't know it.