All Forum Posts by: Jared Christensen

It was $89k not $890k as for the contract for deed it is filed with the courts and in the courthouse. Even if the guy dies I just pay his heirs. I am only doing it for 5 years with a balloon payment do at 5 years, and we still file a deed with the county that has both of our names on it. Also the contract is filed and the abstract updated.

@ Jeff Kennedy Yes it is owner financing. I am doing it on 2 of my properties right now and works out great.

So I did whatever any investor would do. I found a different 3 plex called the owner offered to purchase it he told me a price I offered him. $5k more and said lets do a contract for deed. I sign the papers next week.

I have 5 years of rental income from a commercial building that cash flows $1000 positive a month plus another commercial building that sat empty for 3 years but now has a long term lease as of 2 years ago and also have 4 years of apartment income from 2 apartments. That is all on my taxes. They looked at my debt to income ratio and all was good. But my credit score wasn't over a 720 is what they told me for both ways of trying to achieve the loan.

The rent from the 4 plex more than tripled what the payment would have been. I think the bank I am at must be the toughest in the nation to get a loan at. I even tried to do a cash out option in the house my wife and I live in with our current mortgage is only at 20% of our home value and they wouldn't do that either. Our credit scores are both above 700 too.

I would like to know how this works and at what banks. I just tried to take out a loan to buy a 4 plex for $89000. I just bought a house the month before in cash and tried to use the house as collateral for the 20% down and the bank wouldn't do it. The bank told me that the added cash flow from the 4 plex couldn't be used as income on my loan because it wasn't on my taxes as income from the previous year.