All Forum Posts by: Peter Bui

Originally posted by @Josh Stack:

@Peter Bui,

I also forgot to mention you may want to have a quick chat with a closing company and/or attorney where the sale will occur to talk to them about specific documents your state may require.  Either should be able to help you with the practicalities of getting the papers in place.

The simpler and more streamlined you can make it for the seller the greater chance of success you will likely have.

Gotcha will do!

Ok so follow up question. So he has the house 83% paid off (25 out of 5 years). and I am planning to pay off the house for him. Then would I even need seller financing? I can just create a contract and pay him monthly after if he agrees correct? 

I might even try to sell the property through seller financing for a higher price so that the property isn't my problem anymore. Do you think that is a good idea? 

Or do you suggest any other ideas? 

Thanks!

Peter 

I have a coworker who has a property in Phoenix Arizona and his wife lives there but wants to move to California. He has 5 years left to pay off on his loan, and I am planning to offer him that I can pay off the rest of his mortgage and then do the rest through seller financing. How would I initiate this conversation? To get seller financing, so I need an agent, a bank, or just a simple contract? Anyone have any advice before I approach this? OR, is there a better way to offer on this property? He is a motivated seller and wants to sell to me. Side question: if an agent sends me a property and I want to offer seller financing, would it be the same process? Would I still need to go through agent? Thanks in advanced! Peter

Caleb Heimsoth Russell Brazil exactly what I was looking for, thank you so much!

Ah so it looks like conventional loans are the way to go then? (If you have the 20% down) Caleb Heimsoth

Quick newbie question: 

So with the FHA loan, you will still have to pay premium insurance throughout the life of the loan. Isn't that the same as paying the PMI for a conventional loan if you don't reach that 20% down?

If this is true, why do people give such a good word for FHA loans?

Thanks

Peter Bui 

@Bill Rich would I still be charged the the PMI if i don't reach the 20% down?

Thanks

Peter Bui 

@Tyler Delbert @Bill Rich Thanks for the input and feedback! I'll look into those loans 

Peter 

Hey quick question, does anyone know where I can get more info on refinancing? Just kind of want to know the details before potentially attempting. Just want to know details such as how long it takes, where to refinance, what are the chances that my refinance doesn’t go through, etc... I want to know an idea of every single step of the way before I decide that buying rental properties and rehabbing them is my right path Thanks in advanced! Peter

Thanks Vaughn Smith Caleb Heimsoth @Sam!! Really appreciate it, I’ll do some more research with my lender

Quick question, So I usually calculate 3% in my deals analysis for closing costs. Or that was what’s recommended to me from other users here on BP. So my question is, what does that include? I know sometimes the seller and buyer kind of splits the closing costs, but Does that 3% account for just my half or all of the closing costs (even seller costs). Because I plan on including multiple offers in my offer letter and one includes that I will pay for all closing costs.. is that already assumed that I should or usually how does it work, splitting the closing costs? Thanks in advanced! Peter