Posted by Shawn Dostie on March 09, 2002 at 11:28:08:
In my limited experience, I believe (qualified) the FMV is approx. 140k based on what has sold recently and what I have bought in the last 12 months. In any event, The income is $1500.00 per month with one SFR empty with a metro customer applying at this time which would add approx. 400.00 per month income. So yes the income fits quite nicely as well.
Now, can you show me some creative ways to structure under Land Contract vs. Lease option?
I am looking to buy 3 SFR’s and one Duplex for a total of $105,000.00 Owner will carry financing but wants 2 yr balloon of $94,356.00. At 7% Amortized over 156 months at a payment of$1026.00 per month it will take 44 months to gain my 20% equity to refi. Any creative geniuses out there? Am considering offering $117,900.00 with $1450.00 security deposit credit, 2% or $2358.00 repairs credit with the balance of $114,092.00 to be paid in 20 installments of $1,000.00 with 100% of payments going to equity
(o% interest) leaving the same $94,356.00 balance. The owner does not want a lease option and I’m trying to figure an equitable way to acquire the props. I own a duplex and triplex in the same area and all 4 of these units appear at 1st glance to be a better value than mine. Any help would be appreciated.
Re: help me structure this deal PLEASE! - Posted by Woody (MI)
Posted by Woody (MI) on March 10, 2002 at 06:26:55:
You might try posting this in the note buyers forum and asking what a note buyer might do for you on this deal. You may find that it will increase your %rate but will buy you lower payments and a longer amortization. It would be more like a cash sale to your seller and he may be more willing to go with a lower price. You would really need to talk to the people in the notes forum to get all the details on doing this. I would suggest also that you go to www.sunvest.com. You will be able to get an idea of what they are looking for. Hope this helps.