All Forum Posts by: Niyi Adewole

Good Morning Bigger Pockets Family, 

I recently listened to BP episode 527 and episode 528 with Pace Morby, and I (like many of you) was inspired to take action with the immense wealth of knowledge he provided on securing seller financed deals. I connected with a For Sale By Owner listing in a neighborhood that I really love, and was successful in walking through the talk track and securing a verbal commitment!! We are meeting on tomorrow Morning (Wednesday, November 10th) to work on papering the deal, and I truly need some help on next steps. 

Background 

Seller has not sold to anyone else, because of the following: 

1. 1. Wants to sell as is and he believes the offers that have come his way so far are from people that will try to renegotiate after inspections 
2. 2. He would like to avoid capital gains tax and still have some cashflow coming in as he is moving across the country to the west coast 

Deal Details and what is important to the seller:

1. 1. Total Purchase Price $396k
   
   1. $164k loan still exists on property 
   2. For remaining $242k, Seller would accept payments of $800 per month the first year, $900 per month second year, and $1000 per month after that until the total amount is realized. Zero interest  

1. 2. Requires a $15k down payment to cover the cost of realtor that was working with him and closing 
2. 3. I believe this house will require 2 new bathrooms, 2 new kitchens and some flooring repair. It is a duplex that will pull in ~$5k per month on airbnb total once complete. 

Questions:

1. 1. Where should i get a "Seller Financing" contract from? I've seen rocket law allows you to create one, but do not want to mess this up. Should i contact lawyer and closing attorney? 
2. 2. There is an existing loan of $164k on the home. After taking title, would i be allowed to get a mortgage for that amount and use the home as collateral to take that piece out of the sellers hands? Or would it make more sense to just assume the payments on that loan and keep it in place? The loan he currently has is an ARM from 2008.
3. 3. If anyone has done seller financed deals before and is up for talking later today, i would greatly appreciate it. 
4. Warmly, 
5. Ni

@Beau Watson thank you Beau, truly approachable the invite and will definitely take you up on that!! I will PM for details shortly

@Robert Mitchell thank you!!

@Bill Hampton thank you Bill!

@Brenden Mitchum thank you Brenden, I will take you up on that!

@Quentin Davie thank you Quentin!

Good Morning BP Family, 

I am a healthcare professional that recently moved to Atlanta. Very interested in learning more about the Atlanta market and looking to get into small to medium sized multifamily investments (i.e. 2 to 25 units). 

Looking forward to hoping working alongside you and partnering with individuals that share similar goals!

Warmly,

Hi Bp community,

I’m closing on a duplex in Atlanta and need someone that can put a kitchen into one of the units. Recommendations would be much appreciated.

Thank you!

@Joe Alonzo hi Joe, will send shortly.

Niyi

Hi BP Family, 

I'm looking to take on a few rehab projects in Louisville, KY in 2020. Does anyone have a solid GC that they've used in the past? 

Niyi