Posted by jeff leonard on March 29, 2002 at 10:54:09:
try to get her to take out a loan for her 18K and allow you to make the payments for her. but make sure you can still get positive cash flow by paying both loans. just make sure to pay off that loan also if you sell the property. you have to make enough profit to cover ALL your debts or your better off walking away and starting over on a new property
HOW CAN I DO THIS DEAL ? - Posted by Steve Nettles
Posted by Steve Nettles on March 27, 2002 at 15:39:25:
I am considering making an offer on a townhouse - that I plan to rent out. The house will rent for $725 per month.
The present owner bought the home two years ago for $82K. She is asking $89k. I can secure a loan for $69K to cover the existing 1st, but I don’t have a way to meet her equity requirement of $18-19K which she says she needs now.
Any ideas ? Should I walk ?
Re: HOW CAN I DO THIS DEAL ? - Posted by youngsterz (UT)
Posted by youngsterz (UT) on March 31, 2002 at 05:46:58:
Walk! Not enough income to cover expenses and profit, so don’t bother. There are far better deals to be had.