Posted by mark on September 24, 2003 at 06:47:45:
I just want to know if anyone has structure a deal similar to this and does it sound legal? Is there an alternative with a traditional lender to be able to pull out money to cover closing cost and repairs?
Any help would be much appreciated - Posted by Mark
Posted by Mark on September 23, 2003 at 23:27:20:
I am looking at an REO property that I can buy for 70% of ARV. Appraisal at $225,000 can pick up for $160,000. The house is in good shape but needs approx. $10,000 worth of sprucing up,roof,paint,minor repairs,etc. I have found someone to do my mortgage at 80% of purchase price with 5% down and doing the loan through my company, who will in turn flip to me as an end buyer and my company will take back a 2nd for 20% to make up the the money spent on the down payment. Does this sound like a doable loan? This investor is in South Dakota and I am in Georgia. Sounds very knowledgable and helpful. What ever happened to buying then refinancing the same day with no seasoning? P.S. I have excellent credit and some cash. Any help would be much appreciated.