Commercial Deal in WI - Posted by Sheryl

Posted by Michael Morrongiello on March 20, 2000 at 14:03:53:

Sheryl:
You can structure the sale of the property to your ultimate user buyers using an owner financing technique where YOU agree to finance the sale to them at $325,000.00 if they can put down 15% -20% of that sales price in cash and then you will finance the balance taking back (2) two mortgages; a $211,000.00 65% 1st lien mortgage (this is the loan we will purchase for CASH at closing) and a 2nd lien mortgage for the difference between the $325,000.00 sales price and the $211,000.00 1st lien mortgage minus their down payment. This mortgage you will retain and will represent some of your profit on the deal.

Michael Morrongiello

Commercial Deal in WI - Posted by Sheryl

Posted by Sheryl on March 20, 2000 at 11:24:33:

X real estate agent, new though to investing and creative fiancing…hoping to get advice on how to structure a deal.
Looked at a 2 1/2 acre commercial spot…includes large storage building, 2 other small retail spots and one home…Seller does not want to list due to privacy issues…had property appraised a year ago at $180k, then added large industrial storage building, value 100K…He will take $250K for the entire premises…all of which he occupies at the time…the demand for commercial real estate is very high…this is a great location, and has multi purposes…being in the market, I know of several people who I could contact about it…also think I could easily ask 325000…Just sold a raw 1 acre piece for 50k very near by…
Acreage: 100
house: 90
Buildings: 150
325 is probably cheap???
How do I get out of this deal?
How do I get in? Thanks,Sheryl