All Forum Posts by: Samantha Springs

I've done this before in Riverside, CA.

Just closed on fully seller-financed cash flowing rental in Hemet, CA and just listed one my client's luxury $2M Airbnb properties offering 50% seller carry back. The bank giving you the loan will want to be in first position and the seller will have to be ok in second - this is the biggest hurdle with hybrid deals. 

@Samantha Springs look into NACA loan if you own zero real estate. This program advertises 0 down, 0 closing costs. I closed my house hack in Los Angeles with this loan. They lend on renovations as well (if you want to renovate a property) on a 30 yr basis.

This is a silver bullet though, once you use it you cant use it again until you havent owned real estate for three years. 

 I get that, but what I'm saying is let's say rates are at 8%. The Seller can buy the rate down to 7% with enough cash (assuming the lender is okay with it). 

To Nathan's point, the lender is going to want you to qualify for both mortgages, even if it is Seller financing. If you want the Seller to be the only lender, then you would need to find a Seller with either no mortgage to begin with or be willing to continue making payments on their existing loan/pay it off.

@Samantha Springs has a lender told you that you couldn't qualify for traditional financing?  If so, what's the main issue holding you back with it?

I've seen some Sellers advertise it but they typically want 20%-40% down and it is in the luxury market. 

What might make more sense is negotiating a rate buy down from the Seller. They net more money than a price reduction and you get lower payments. 

Looking at multi family in mt pleasant and I’m seeing all over online crime rate is very high but agents and PM’s saying the area isn’t bad. Anyone familiar with the neighborhood who can give an out of state investor an honest answer? Thanks!

 I am an expert " all that is Cleveland". The issue is finding reliable help to make sure the property gets turned for the new tenant. What if you have a move out an move in the next day, well 99% certain the cleaners will not show up.. Sure, you will get lucky but 100% reliable, IMO expert opinion, not going to happen. Why not do a " normal" rental, build a team (do not even think about doing anything there without a team in place) get comfortable, then maybe try a MTM . I have 30 contractors, I am involved in dozens and dozens and dozens of properties and I still have issues. The difference is I make one call and my issues are solved. When you have issues, you do not have anyone to call .

 PLEASE be carful.

All the best 

 Why would you want medium term? Why not just rent for about 1300 on a 100kish house? Why deal with the in and out? MTR is not easy in Cleveland,

All the best