Posted by Jason-DTX on March 09, 1999 at 01:20:33:
If you’re getting a new bank loan then the seller carryback will be a mortgage or deed of trust. If the seller has the 1st mortgage and is selling to you on a contract for deed then there souldn’t be very much in closing costs.
I sure hope your “no available cash” situation is temporary if you plan on buying a 6-plex. I only deal in single family homes but 100% financing on rental property is pretty tough when you don’t have access to extra cash.
You might get some closing cost relief from the security deposits and prorated rents. Why not ask the seller to pay for closing costs, how bad does he want to sell?
I heard about this website that you really need to visit once you buy the 6-plex. www.mrlandlord.com
I was very impressed with his presentation this past weekend.