All Forum Posts by: Patrick Michael

Hey Ethan.   Lots of numbers on this one but at a glance, a 5% interest loan is OK but not the best to couple with a 2 year balloon.  Ideally IMO you'd want a long enough balloon to refinance the property to pay out her cut.   2 years may not be worth it compared to at a minimum 5 year balloon.   But I'll let others weigh in on that since I'm doing this all without a calculator and staying up way past my bed time .

This answers here have my anxiety up to hit the my multi family books harder before making any moves . 

I'm quite new at this myself but can I ask? Did you live in the initial property and what type of loan did you use ?  I believe those are 2 significant factors. 

@Rosemarie Smith wow yeah that acreage makes it a really unique situation.   Sounds like you'll sell it no problem.   And in the end I hope it's for a lot more than 10K assignment fee ! 

Hi Rosemarie,

 If you have a home owner willing to do creative finance of any kind congrats !  I'm a little confused up front if you can clarify about the assignment fee.   The assignment fee is not related to the seller entirely outside of the final numbers.  That will be for your end buyer.  

Also if they have a mortgage, then it may not be considered "seller finance" since it's not free and clear.  Monthly payments alone are fine but have an extra step or two.  

But there is an avenue of approach with this, especially with such an arguably low mortgage left.   

Lastly, do you have an end buyer or need access to such?  If not I can help you with that.   It's all about networking really.  Feel free to DM me or ask on here anything else.  

Just wanted to say if Brandon Turner lurks among these threads I just got the audible book and I'm hooked.  See you all in 11 hours...

@Ken M. I see you're a top contributor to a creative financing group.  This is all I've been studying for about 4 months now so happy to find that category to follow .

@Ken M.  I am what I am, and do what I can.

Thank you so much for the info@Lindsay Davis and@William Whitley

As a new user, I don't know enough to start a commotion.  If needed, spank away .