Posted by Andy in Michigan on March 11, 2000 at 20:18:32:
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Help with No Money Down Deal!! - Posted by Ant-NJ
Posted by Ant-NJ on March 11, 2000 at 11:08:13:
Here is the situation:
3 townhomes in an investment community, no FHA
FSBO (same owner owns all)
Props 1 & 2 owned free and clear.
Prop 1 will have $300 PCF, 2 will have $100 PCF
Prop 3 $37,000 mort. not assumable, will have $200 PCF
Approx. $40,000 each, no set price because of changes that will be made to make a no money down.
Owner will help as much as possible to make this a no money down deal as long as he can get as much money at closing. He does not want to hold seconds but I think he realizes that it might be impossible to do.
I already own one prop in this community.
Owner said he would create a note for each prop 1 and 2 then sell but I have no experience with this, so any ideas would help.
For prop 3 I thought of sub-leaseing to make some money for down and some cloing costs. I could borrow some cash for diff.
I also thought of a rebate at closing termed “repairs” to make up diff.
Calling all investors!!
Ant-NJ
Re: Help with No Money Down Deal!! - Posted by Ben (NJ)
Posted by Ben (NJ) on March 11, 2000 at 12:41:26:
Ant, I do some hard money lending on the side using NJ
properties as collateral. If you are interested in pursuing this, please e-mail privately with all the details. I will need current appraisals and title work. By the way what is PCF?