All Forum Posts by: Patrick Stuckwish

I have come across what I think is a potential good deal but I’m wondering if it’s too

Good to be true... the deal is for 100+ units for assuming the loan and paying market value for the property....

1. Will a bank allow the assumption of a commercial loan?

2. How much down payment is due for this type of transfer?

3. Are there any other fees associated?

4. Do RE agents get a commission on this type of transaction?

Assuming I don’t get a straight answer about the reasoning for the owner wanting to sell.... on paper this looks like a great investment, so why would they sell???

@Arn Cenedella sounds great! Thank you

@Arn Cenedella good tips! Thank you

As I was digging I found that this is a D class property but is listed as a C class. Does anyone have experience with D class neighborhoods? Should they be avoided at all costs or might it be worth a look?

For an assumption loan, what are some tactics for getting better terms?

Does anyone have any advice about purchasing a SFH in a retirement community?

Pros and cons?

Does anyone have experience with doing a deal based on an “assumption based loan”?

What are the things to look out for?

Thank you Bill and Rich.  I will definitely not be doing this deal.  If I were to counter with an offer, what would your suggestions be?  Maybe something like...?

- $5000 - $10,000 down

- 5% - 7% interest on 30 year note

- no balloon payments

or do you think this is just a wash?

Hi Wayne and James!  Thank you for the advice. 

I can qualify for a conventional loan, this offer is just listed ONLY for owner financing.  I don't know a lot about the owner financing deals, but this one did look odd...