New here! I have a question that I hope someone here can help with. I am looking at making my first rental property deal – 13 rental houses. All homes are currently rented but some need some work (broken A/C, roof, etc.) I do not have the cash to put down 20% for the whole package. The current owner does still have a mortgage on the properties. Can I get the seller to refi or take out a second mortgage, and I take over the notes and, at a later time, refinance the properties? I've heard somethings about this method but know little about the details. What about closing costs? Given that the properties need some work, and the current owner doesn't want to do the repairs, I assume he is motivated to sell them. Any suggestions? Thanks!
Other info – there is a realtor involved and I plan to have a property manager.
Just to clarify – are the 13 dwellings on one title? Also what do you mean by 'take over the notes'?
TheFinanceShop | Elite Property Finance
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They are individually titled. Meaning He transfer title to me and I assume his current notes and on the second mortgage. trying to avoid the large down payment(s)
What country ?
Cannot be done in Australia.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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I think our poster is based in the US as Terry mentioned certainly can't do it in Australia.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Might be better to move your question to the "Overseas Deals" forum
https://www.propertyinvesting.com/forums/overseas-deals
Jacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
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