Why not try- - Posted by Bud Branstetter
Posted by Bud Branstetter on December 18, 2000 at 20:52:47:
Have the existing owner get a loan for the 20K. You then take over that loan and have him carry the remainder. If you insist on qualifying for financing yourself there is 95% money out there for investors. You can also do 100% owner financing and sell a first note at closing with him keeping the rest. The rate will be higher but it is no down.
Either way of financing I would still sell as a PACtrust. You are likely to have $150 positive cash flow. If you want the cash flow you wrap for 30 years. If you want the 18K profit as cash you put a limit on the term of the trust and have them refi at that point.
Where are you located in N Texas?