Posted by Randy on September 07, 2003 at 16:49:31:
$3600 / month PI @ 8% new money equates to $490,620 new first mortgage. In other words if you went out to borrow the money to buy it at 8% to have the same payment as him you could borrow $490k.
If you purchased it with 80% financing your new first would be $4,079.00. So one suggestion is if the seller will carry a 20% second and you got a new 80% first you might be able to buy it?but can you cash flow it? It all depends on what the seller needs and is willing to do in the form of reduced sales price or carrying a second. Talk to the seller, and then come back with more info. It?s impossible to offer suggestions without knowing the options!