All Forum Posts by: Adam Schellhammer

Oh yes the attorney will be heavily involved in this!  For better or worse, I rarely trust myself to do anything completely solo.  So if I understand this correctly, I pay the seller, but the seller is responsible for paying into escrow for taxes and insurance?

Hi BP Community,

I am currently analyzing my first seller financing deal on a duplex.  It's an estate sale and the owner is willing to carry the note for 2 years.  The monthly payments are what I need them to be to cash flow if I am understanding it right, but do the taxes and insurance costs get rolled into a seller financing like they would with a traditional mortgage.  Long story short, I recently purchased a duplex with a conventional mortgage and my monthly payments are $1,800.  The new duplex is almost a carbon copy and I can negotiate $1,800 a month to the owner so will taxes and insurance be included in that?  Thanks All!

Adam

Thank you very much Bill and Geno.  Luckily my wife and I have built a pretty strong relationship with our realtor so I think he would be willing to find a creative path, but I feel better about the process after reading your posts.  This is what I love about BP, you ask a question and you get answers...fast!  The community is so invaluable even if you need to move quickly in a deal.  Thanks again guys!

Adam

Hi All,

I have a question regarding seller financing costs.  I am attempting to utilize seller financing for the first time to pick up a duplex.  The seller is open to the idea but I am unsure of how the process plays out as far as paying the realtors involved.  My realtor found the property but given that all of the terms are negotiated through the seller, what will my obligations be to my realtor.  I am not trying to get out of paying anyone, my realtor is worth his weight in gold, but I would just like to be more clear on the ins and outs before moving forward with the process.

Thank you in advance to the amazing BiggerPockets community for your assistance!

Adam

I am covering the downpayment, they would live for free. The hope is that I could utilize the FHA and avoid the normal %25 down payment for a triplex. After 2 years, I would assume full ownership of the property in exchange for the 2 years rent free (although partner will pay principle off while there). It's a great place, but I can't swing the bigger downpayment and my partner needs cheap/free rent....that's basically what it boils down to.

Good day BiggerPockets community,

The Background:  I am looking to purchase a triplex and I have found a partner to go in with me.  I do not plan on using it as a primary residence but my partner does.  we are splitting costs and the down payment.

The question: since it will be my partner's primary residence (but not mine), can we still apply for the FHA? If that is possible and my partner wants to leave in two years, will that affect the loan? How does this affect ownership of the property?

Thanks in advance for any insight!

Adam

Hi all,

My name is Adam and I have been a biggerpockets member for about 3 months now. I have been researching the wholesale niche and am in the process of lining up my support team/marketing plan.

I have also joined the local REIA groups in South Jersey in order to build my local network and buyers list. My main issue right now is that I am having a difficult time finding a mentor to help me understand the intricacies of the buyers/assignees contracts. I have downloaded the template contracts from biggerpockets to try to gain a better grasp of them, but it is difficult without having the info to put in the fields.

My question is this; Would any wholesaler on biggerpockets be willing to go through a wholesale deal, from getting the property under contract, to losing with the assignee? There are several sample contracts aready in the file section, but I would find it very helpful if someone could present them in a real world scenario with some mock numbers. This may also be a great help with other folks trying to get a feel for wholesaling and may clear up confusion about the process.

Thanks to the biggerpockets family in advance for you time and knowledge!

Adam

Thank you Brie, I had my suspicions and I appreciate the links!  I was just curious if anyone else had come across this advert. 

I watched a webinar presented by a Steve Rowe who has an investment company out of Chicago.  Anyone have any info/thoughts on him or his company?

I am in the process of purchasing a new home for myself and my wife, the are is nice and I believe it will only be getting better and I would like to purchase more houses in the area if possible.  I am focusing on buy and hold but I was wondering if anyone had some ideas about any creative lending options that may be available.  I am in the Atlantic City NJ area.  Thanks in advance!