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Terms Over Cash
69 members • Free
2 contributions to Terms Over Cash
4d •
Friday open thread. Drop your deal.
Working on something? Post it here. Numbers, seller situation, what is stuck. No addresses needed. I read all of them. The three most interesting ones get structured live on the Premium weekly call, and I will post the structure back into this thread afterward so everyone learns from it. If you are not working on a deal yet, post the kind of building you want first. That counts.
1 like • 4d
Just purchased my primary residence from a seller with seller financing and got them paid with a balloon by refinancing. They’re an older couple in their 80s and they mentioned in previous conversations they want to get out of their other properties. Zillow values: P1 - 244k P2 - 256k P3 - 331k. Since they’re older, they’ll likely want to get paid quickly but I don’t have cash to do so. I think I could get them to seller finance the cheapest property and I could DSCR the other properties but they would have to give me a significant discount for it to makes sense. Not sure how to convince them to sell me the properties at a discount. How do I make it so we can all win?
1 like • 3d
@Chris Wilson I threw them into prop wire and they seem to open the buildings free and clear. Property values are about the same as well When you say get a bank loan, are you talking a conventional mortgage or something else? I think I understand what you’re saying by getting financing for 65% and they carry 35%. The 35% is just amortized through them at whatever makes sense?
9d •
What is actually stopping your next deal?
One word answers. Money, sellers, fear, or paperwork. Comment which one is holding you and one sentence of your situation. I will answer every single comment with what I would do in your spot. No wrong answers. 25 of my 43 buildings took nothing down toward the price, and I still remember which of those four words had me stuck at the start.
1 like • 8d
@Chris Wilson I haven't talked to them about what price they would want but I suspect they would say market price. Which would roughly be 825k for all three of their properties. The payments on that wouldn't pencil with the rents I'm guesstimating. I would honestly need to get the properties for 500k but no way they would go for that
1 like • 8d
@Chris Wilson thanks for the insight. Never hurts to ask. Worse case they say no
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