Ed I need help - Posted by David

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

Ed I need help - Posted by David

Posted by David on March 13, 2002 at 07:29:06:

Buying property 50k below appraisal!! Is a no money down loan possible?


Re: Ed I need help - Posted by Ed Garcia

Posted by Ed Garcia on March 13, 2002 at 09:39:34:


You’ve asked a point blank question with no information or parameters.

It’s like asking how high is high? That could depend on if you’re jumping, or on a tall building, a mountaintop, or in an airplane.

If you’re in an airplane, 100 feet is flying low.

The way you’ve poised you question, my answer of course is YES.

As we speak Angel Guttierez, who is a student of mine and participates right here on this forum. Is working a deal on a property that is in Sante Fe California, valued at 1.6 million.
Angel will be purchasing the property somewhere in the 700’s with no money out of his pocket.

I hope this answers you question,

Ed Garcia