Posted by Ed Garcia on May 23, 2000 at 10:40:00:
Good morning Alex:
After reading your post, I feel confident that I can help you.
I know of a couple of ways to do this deal as you described it, but I need
to ask you a few questions so that I would know which one is best for you.
Alex, give me a call at (909) 944-0199 and we can discuss your deal.
I should be in my office at 10: a.m. California time, which is 1:p.m. yours.
Ed Garcia
Financing Help, Mr. Ed Garcia? - Posted by Alex_FL
Posted by Alex_FL on May 23, 2000 at 09:07:34:
I’m trying to do my 3rd deal: a duplex in good area. Asking price $129.9K. Seller is moving out of town but not very motivated (his monthly payment only $770/mth and 1/2 duplex is alread leased $795/mth). 4 previous buyers turned down for lack of financing. Comps for same are $135-150K. No major repairs needed, built 1990, seller just put new plumbing and tiles in both units (7K)…Tenants pay for everything including water & trash. My credit is very good but I am short of cash, have only $4-5K. This duplex is a 2 2/2 and one unit is vacant in case of owner occupancy but could easily be rented $775-800/mth.
My home is worth $130K (owe $117k), I also own another condo as a rental with $900/mth gross income. It’s now worth $85-90K (owe $65K).
I was pre-approved by one lender with 15% taken back by seller. Seller 's not interested.
How can i get at least 95% financing. Can anyone help me please. Thanks again for all inputs.