Finding Mortgage Information

[Adirondack]

I have found a rental property that the owner has moved out of. The owner has a $135,000 mortage on the rental property. He has also purchased a home for $465,ooo. I have searched tax,court,real estate
county and any other record I could find and I don't see anything that indicates that this person has a mortgage on this new house.

My question is  If this person doesn't have a mortgage on his new house ( 465,00) I must assume he paid cash. If he did how do I get him to hold a mortgage on the rental property. I can't go the conventional way I don't have the 20% down payment.

All advice is greatly appreciated

[Admin]

Adirondack,
Welcome, and thanks for joining us.

Why do we care about the rental property?   A house is a house is a house.  I care about situations and problems I can solve.  If there's no problem to solve, generally there's no money to be made.  In other words I get paid to use my knowledge to solve problems others aren't able to or willing to.

My point being that the proper technique depends on the situation.

Anyway, enough of the soapbox, and back to your question.  I'm not sure how you think the new home relates, but I'd say it actually works in your favor.  If this seller is flush enough to pay cash for a half million dollar house, chances are he doesn't need your funds.  Odds are also decent that he understands financing and would consider carrying paper.

Sounds like you just need to sit down and ask.

[makenmoney]

If you think the rental house is a good deal, Just Ask!!  I agree with T Randle. Whether or not he has a mortgage on the new house is irrelevant.  My view is "Ask for the moon" you might just get it!  Be professional. Know what you want from him and how it can be beneficial to him.  Remember  Win/Win.. Good Luck..Kathy