Posted by Brent_IL on January 23, 2001 at 20:31:41:
How small is a small second, and at what terms? What’s the NOI (gross-expenses)? More info is needed. $10,000 is too high simply to check it out. If, after due diligence, you want to go ahead, give him a note for $10,000 due at closing. While it’s true that the banks won?t be looking to you for repayment, they might want to know about your experience. Without the sellers help, this looks like a long shot.