Transcription
Hello.
Hi there. I was calling you about the listing you had on West Brown. I know it's a little bit late here. I'm trying to get pre-approved before the weekend happens so I can send you guys an offer. My lender is asking about the rent you had on the property. I I just couldn't see here.
The lower unit is rented out on a month-to-month basis is $900 a month. The upper is vacant.
Has the seller mentioned any like issues in the seller's disclosure that because I I I hate sending my inspector out there. It's like 300 bucks and sometimes the agent tells me, you know, it's in really good condition. I'm like, well, it needs a new roof and new siding. So, I just can't see the inside photos. Anything major from when you walked it? If I bought it, I would do some updates. And I don't believe this new owner hasn't owned the property that long, but they never did anything with the roof.
I guess we'll just do an inspection contingency on this. Um, do you think we could do kind of a verbal back and forth thing where you go to your client if I give you the proper credibility just to save all the paperwork in case they're not interested?
Um, what would the offer be?
Well, I'm probably going to come in understanding that I might need a new roof. I was probably going to come in at 110.
Yeah, they wouldn't be interested.
Where do you think we need to be?
I'd ask him. They still have a mortgage on the property, so 110 wouldn't pay for fees and closing and mortgage.
I actually got a house in um I have a house in Minneapolis across the way and um the seller couldn't take my offer with a I I made a similar offer on it. They couldn't take it. So, what the seller told me to do is say, "Hey, I own this thing um with a mortgage on it. Why don't you just take over my debt on the property?" So, I ended up taking over their debt on it. That was like a 460k buy, and I paid the agent's commission. So, I wonder maybe I could step into the client's shoes on the loan, pay your commission, and then give your client client cash because for my 110K offer, I still got to come up with 25K as a down payment with my lender. So, maybe what I could do is I'll pay your commission in full. I'll take over the debt that's on the property and I'll go ahead and give your client another I mean, how much do you think they owe on the property?
But you're not purchasing the property out, right?
Oh, no. It would be it would be a purchase. I I've got 28 doors. Um, this Yeah, we we could there's a ton of different ways to take over the debt United States. I mean, we could assume the loan. We could buy the LLC that owns the property. You put it in a trust. You do a subject to deal or a wraparound. I mean, there's so many different ways, but no, it'll be off your client's DTI and they wouldn't be an owner anymore.
Well, okay. If you're going to pay the commission and come in at 110, that should be doable.
So, if your client hypothetically owed 120, I'd take over the 120. I'd do another 10 to them. That's 130 and six to you. So, 136 offer price. And the reason I'd be interested in something like that is because that down payment of 16,000 is still less than I'd have to put down on my 110 offer.