Posted by Zidzi on August 17, 2001 at 07:05:27:
Hi
It can be done easily but I would need a little more info to answer fully. Email me and I will give you a name of someone who can do it for you.
Have a fruitful day
Zidzi
Buying Investment property w/Equity - Posted by Sandy
Posted by Sandy on August 16, 2001 at 11:46:03:
A partner and I own two 2-family houses. We want to use the equity in one of the houses to buy a 6-family for investment purposes. Will this be as easy as it seems? What could be some of the potential problems? Has anyone done this and what were their experiences? BTW, I live in the New York City area.
Thanks in advance.
Sandy
Re: Buying Investment property w/Equity - Posted by Ronald * Starr
Posted by Ronald * Starr on August 18, 2001 at 22:07:43:
Sandy------
You might want to put this post on the main bulletin board also. Maybe you’ll be lucky and some of the NY folk like Frank Chin will chime in.
Ways to do it, in brief:
New conventional first loan against existing property. Cash for downpayment(CFD).
New junior loan against existing property. CFD
New line of credit loan against existing property, either first or junior. CFD
Have seller carry a blanket loan secured by the property you are buying and by an existing property or both of them.
Have the seller carry some downpayment with a loan secured just with one or both of the existing properties.
Sell one or both of the existing properties. Exchange into the new property using IRS section 1031, tax-deferred/tax-free exchange.
Exchange one or both of the existing properties with the seller of the 6-unit property. Fill in with new loans as needed. It is up to the new owner to hold or resell the properties.
Good InvestingRon Starr**********