All Forum Posts by: Nicholas Armstrong

Drink more alcohol..

No, Not really. ;)

Truthfully though, relaxing more often was one of my new years resolutions for me and my RE businesses.

It's only day 2 on this "relaxing" journey and I advise all to partake in it in some way, shape or form. 

Everyone have a productive 2017!! #hustle

@Kerry Baird

Awesome! Thanks for the link. There was a ton of helpful info!

@Brandon Shewbridge

Great idea! I'll speak with the sellers and see what they would like to do.

@Brad Sanford

Thanks for the advice! I would honestly like to cash out ASAP. My intention was to refi when repairs and updates are completed and move to the next one. (BRRRR)

@Denise Evans

Absolutely! I'll send you a PM. Thanks!

@John Thedford

I certainly don't want that to happen. I will make sure I read the mortgage terms carefully before proceeding further. Other than land trust that @Tommy Reed mentioned are there any other creative ways to structure this deal?

Also, If I purchase Subject to I can refi at anytime correct?

@Brad Sanford

Thanks for the help.

So I can find out if there is a due on sale clause by reading through mortgage terms? I wouldn't have to worry about sellers making payments if I purchase property subject to though, correct?

@GioVanni Gibbs

I flip houses in Birmingham. Can you please send me what you have. I'll PM you my email.

Thanks.

@Jay Hinrichs

I appreciate the feedback. Thats why I'm asking these questions lol, to verify!

The mortgage on the property is what is throwing me off.

The owners still owe $36k on the mortgage.

The seller is gathering info on mortgage because I was worried about potential clauses in the terms. 

Yes, the mortgage payment the owners have is $416/month.

My payment to owners was somewhere around $715ish/month if i remember correctly?

I will for sure get with you off line!
Thanks!

@Charlie Fitzgerald

Thanks for the feedback. We are doing that, but the owner lives out of state and we are waiting for a good time for him to come down and get things worked out. 

Hello All!

I have a quick question.

I have read a great deal of info about seller financing and I feel pretty comfortable with a deal I just struck with a worn out landlord. But I just want to verify a few things.

Can anyone with experience give me any best practices or pointers? 

I am purchasing a property in Birmingham Alabama for $77,000 (ARV of $105,000) with seller carrying the mortgage.

We have agreed to 5% interest and $8,000 down. 

The sellers still have a mortgage on the property so that is confusing me a bit on how to proceed.

I had initially thought about a 7 year amortization with a balloon payment, but how would that work if the owners are carrying the mortgage?

How can I structure this deal to where I have equitable interest if I wanted to cash out refi? (if even possible)

Any help would be greatly appreciated!

Thanks!

@Kevin Diep

Birmingham Alabama is a great market right now! I've partnered with several people out of state and would love to chat. Let's connect!

@Carl Foster

Davis Unlimited out of oxford.

They have done some work for me and have been great.