One thing first, if this is the house you live in. This page is for rental and investment property — houses you don't live in. If the home you live in is behind on its payments, the seller-financing and subject-to arrangements described below are not something we offer you, and they aren't what you need. Start with our page for homeowners behind on payments, and call the free NC Housing Finance Agency foreclosure-prevention line at 1-888-442-8188. The counselors there work for you, not for a buyer, and it costs nothing.
Dorman Capital is a private real-estate investment company based in Albemarle, in Stanly County. We buy rental houses, small multifamily and portfolios for our own account — we are the buyer, not your agent. Titus Dorman, who runs Dorman Capital, is a licensed North Carolina real estate broker (#282463); in these purchases we act only as the buyer and do not represent you. Calls and texts to (704) 706-0124 go to Titus Dorman, who runs the company.
Some of what follows points away from us. That's on purpose.
Who this page is for
Most landlords who call us aren't in trouble. They're tired, or their plans changed. Typically:
- The tired landlord. The rent comes in, and you're still done with the calls, turnovers and repair list.
- One rental or a duplex. A single house counts.
- A small or large portfolio. From 2 units to 100+, together or in pieces.
- The out-of-state owner. You moved; the property didn't.
- An estate holding rentals. The family inherited a landlord's business along with the houses; our inherited-house guide covers who can sign.
- Problem tenants or deferred maintenance. A tenant who doesn't pay, an overdue roof, a unit that's sat empty. Occupied or vacant, we'll look at it as-is. We aren't a property manager and don't handle evictions, so tell us where things stand; it affects price and timing, not whether we'll talk.
We buy across Stanly County, Albemarle, Concord, Charlotte and the surrounding towns; the areas we serve page lists them all.
Four ways we can buy a rental
1. Straight cash. We buy the property as-is and you're paid in full at closing through a North Carolina closing attorney. No listing, no commissions, no repairs. On clean title it can close in as little as 14 days. The trade is price: a cash as-is offer is below what a retail buyer would pay.
2. Seller financing (also called owner financing or seller carry-back). You deed the property to us at closing. Instead of taking the whole price that day, you take a down payment and we pay you the rest in monthly installments with interest, under a promissory note secured by a deed of trust recorded against the property. In plain terms, you become the bank. This usually works most cleanly on a property you own free and clear or nearly so, because an existing mortgage generally has to be paid off at closing.
3. Subject-to your existing mortgage. We take the deed and take over making the payments on your current loan, but the loan itself stays in your name. Landlords consider it when there's little equity after selling costs or they want out without bringing money to closing. It carries the most risk for you, and the next section says why.
4. Several properties at once. One closing or several, and different terms for different properties if that suits you. Confidential and off-market: no listing, no yard sign. Once the deed records, it's public like any sale.
Options 2 and 3 are for investment and non-owner-occupied property only.
The honest trade-offs
- Cash — lowest price, lowest risk. All your money at closing, and you're done. You give up the gap between our price and a retail buyer's.
- Seller financing — possibly a higher price, but you carry the risk. Being paid over time can support a higher price than cash, plus interest. But you are the lender now. If the buyer — us or anyone — stops paying, your remedy is to foreclose on the deed of trust, which takes time and legal fees, and the property may come back in worse shape. Protect yourself with a meaningful down payment, a promissory note and deed of trust drafted or reviewed by your own attorney and recorded at closing, and insurance that lists you as mortgagee or loss payee on the policy.
- Subject-to — out of the property, but not off the loan. The mortgage stays in your name and on your credit. Most mortgages have a due-on-sale clause, and federal law generally lets a lender enforce it (12 U.S.C. § 1701j-3), so the lender can call the whole loan due after the transfer. Your credit depends on the buyer making every payment on time. If you do this with anyone, us included, insist on written protections: an attorney closing, a written agreement spelling out who pays what and what happens if a payment is late, a way for you to confirm each payment has been made, and proof the property stays insured. Have your own attorney draft or review it.
If any of that makes you uneasy, take the cash offer or list the property. Uneasy is a reasonable answer.
Taxes: a question for your CPA, not for us
Rentals usually carry more tax on sale than a home you lived in, because of depreciation. Two things to ask your CPA about before you sign:
- Installment sales. When you're paid over time under seller financing, you may be able to report the gain as payments come in rather than all in the year of sale (26 U.S.C. § 453). Depreciation recapture generally doesn't spread out that way.
- A 1031 exchange. If you plan to buy other investment property, an exchange has to be set up before closing, not after.
We are the buyer, not your accountant, and we can't promise any tax result. Your CPA can tell you what to expect.
What happens, step by step
- Send the basics. Call or text (704) 706-0124, or use the form below: the address or addresses, number of units, current rents, rough condition, and roughly what you owe. To just ask a question, no address needed.
- We look. We walk the property and go over the numbers with you, giving tenants proper notice under their leases.
- You get it in writing. A written cash offer, as quickly as possible, with a seller-financed or subject-to version beside it where it makes sense, so you can compare. No cost and no obligation.
- Your attorney and CPA review it. Take the time you need.
- A North Carolina attorney closes it. A cash purchase on clean title can close in as little as 14 days. Financed and subject-to deals take longer. We normally propose the closing attorney, who represents whoever engages them; you're welcome to choose your own.
Choosing the right route
- You have time and want the top of the market. Listing with a broker, or selling to a retail investor through one, is a real option. Compare it with our written number; if we think listing would net you more, we'll tell you.
- You can't afford for payments to stop. Then don't carry financing for anyone, including us.
- A loan in your name that someone else pays would keep you up at night. Then subject-to isn't for you. Take cash or list.
- It's the home you live in and you're behind. This page isn't for you. See our page for homeowners behind on payments and call 1-888-442-8188 for free counseling.
We buy rentals in any condition, from fully leased and turnkey to halfway through a turnover, and landlords choose a direct sale for the timing and certainty as much as the repairs: a tenant situation, a property you manage from three states away, or several you'd like gone in one conversation.