Posted by James Strange on August 08, 2003 at 10:22:08:
Why would you want to? After expenses you will be left with 1250/month. Then you have to make payment out of that. Sounds to me like you would be working for almost nothing.
do you know any lenders that will do this - Posted by mike
Posted by mike on August 07, 2003 at 19:44:55:
I am looking to buy a 6 unit multi-family property that is listed for $150,000 and has annual gross income of $35,100 with expense of $20,000, here is my question.
I realize this is a commercial deal, but is there anyone out there that would fund deal in the following manner I have a credit score of 615:
A) First mortgage of $120,000 principle and interest payments with 30 year ammoritization balloon due in 15 years with a reasonable interest rate.
B) Seller holds note for $30,000 of interest only payments balloon in 7 years.
This would be a deal with no money out of my pocket.
Thanks