Posted by David Saucer on March 13, 2002 at 11:13:51:
New to board, but excited.
I am looking at a combination property. 19 space mobile home park with 3000sq. ft. commercial leased building. The owner will stay on in the Comm. building for 10 years for 1200.00 per month.
There is only one entrance so it must be sold together. It appraises for 310,000 but we can buy for 260,000
How do I approach a lender so as to come up with no money down. We can buy for 50k less than appraisal, that should be good , Right? I read about 60%,70% loans.
I hope this info is a bit more clear