Financing for Duplexes - Posted by Nancy Kittles

Posted by JeffS on June 10, 1999 at 10:14:42:

I am currently working on trying to buy 4 duplexes right now, and can understand your frustration. I just can’t seem to get over the last hurdle. Here’s my thoughts on what you can do.

  1. Seller can take back 20% you get bank financing for 80%. I don’t think it matters if it’s on raw land or on duplexes. But there are lenders that do these investor deals.
  2. You could buy one like this, (80/20) then buy the second on owners terms. (ie: owner becomes bank)
  3. Or buy both on owners terms, but I’m guessing they want to get money now. ( but most will go to tax )
    There’s still many more ways to do it. As I’m finding out everyday.

Good Luck

Financing for Duplexes - Posted by Nancy Kittles

Posted by Nancy Kittles on June 10, 1999 at 04:29:53:

I am brand knew at this real estate investing, so help me out guys and gals! I have found 2 duplexes I’d like to purchase with asking prices of $67,900 and $68,900. Units are currently leased at avg. of $410/unit. Seller owns properties free and clear.

I have no cash for a down payment. However, I do have $40,000 equity in 24 acres of raw land that I purchased 2 yrs. ago to build my personal residence on.

I have offered to pay $120,000 for 2 properties, with $80,000 cash at closing to seller (from lending institution financing), and seller to hold $40,000 second mortgage on my raw land. I have also offered to pay all closing costs.
I offered my raw land as collateral, since I don’t believe a lending institution will loan me $80,000 knowing that the properties being purchased are 100% leveraged.

Have I “done good”? Or do I need to back out? Nothing has been signed at this point.

H E L P ! !


Possible solutiion - Financing for Duplexes - Posted by Mike Morrongiello American Note

Posted by Mike Morrongiello American Note on June 15, 1999 at 23:05:44:

If the sellers are really motivated and are willing to be flexible they may be willing to hold the financing for you against the duplexes IF they new they coudl get a substantial amount of cash out of their loans immeditaly. This is a variation of a simultaneous closing type deal and ones which we do all day long.

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Michael Morrongiello