If it were that easy to shift the heating expenses to the tenants, the seller would have done so a long time ago. It’s not often that you know more about a property than it’s owner. Happens occasionally, but not often.
If the seller is agreeable, you can get a new first for more than the amount currently owed. Borrow $45k, (pay off first and give the seller the net proceeds), and the seller takes back a 2nd for the difference. Cable commando stuff, but you asked.
asking $65,000
mortgage $30,000
Seller will carry back a second of 40% of purchase price
4 - 2 bedroom apartments.
Total Monthly rent $1450
I didn’t get the expenses but figuring an average expense rate. Is this a good deal? Seems to me it is.
Currently landlord pays heat but there are 4 separate furnaces, each could have meters placed on them.
I want to try to purchase this with as little as my pocket money as possible. I have great credit scores so a loan is not a problem.
How do I get the mortgage lender to give me a first and seller carry back a second for the rest of the purchase price including closing costs?