Forty for Fifty - Posted by Jeff Sievert


Posted by dave on November 30, 1998 at 16:54:06:

can you afford it? without wife’s salary, you might not qualify conventional. try owner finance, or try other lenders…do some calling.


Forty for Fifty - Posted by Jeff Sievert

Posted by Jeff Sievert on November 30, 1998 at 16:33:36:

Folks–I need your advise. I have a chance to secure a sfh which was recently appraised at $51,000. Included on the lot is a small rental apartment/house which rents for $350/mth (not included in the appraisal). The seller has agreed to sell both for $40,000. Good so far. Trouble is that the FHA mortgage we had lined up has fallen through because my wife had to leave her job due to health reasons. Should I let this one go? Your thoughts on this matter would be greatly appreciated. Much success.


Re: Forty for Fifty - Posted by Stacy (AZ)

Posted by Stacy (AZ) on November 30, 1998 at 16:58:35:

I’d not let it go until I’ve checked other sources. Will the seller take a mortgage for any (or all) of his equity? I’d talk to a good mortgage broker to see what’s possible. Is there a mortgage on the place now? Assumable?

Last resort, could you flip to an investor that has the cash? Seems like there’s plenty of equity to allow you some quick cash for a flip…at least a few thousand. What’s the FMV of the second unit? How much fix-up is required?