Posted by DaveD (WI) on April 27, 2006 at 14:13:42:
That is a different forum yet. Check out the Note/mortgages forum.
And the financing forum. Great guys.
Might as well look at the legal forum now that I think of it, because there are interesting things when you start dividing and merging legal descriptions and such.
I’m not trying to be a PIA, really, but your initial question asked has very complex answers… The final financing being only a small piece of it.
Hmmm. Sounds like a course needs to be written about this
Seller wants out. I don’t have enough to put down but do have good co-signers. I want to convert them to condos and sell. The numbers work. How do I get seller to take back some of the financing? Can I get extra money out of the carry-back for improvements on unit #1 conversion?
Posted by DaveD (WI) on April 26, 2006 at 10:07:03:
You have a lot of dymanics here to sort out. Try the commercial RE board (Alcorn) for better analysis. Figure business plan, portfolio financing, and seller subordination. This could also get into creating your own take-out notes. Cool.
Don’t have enough for a down payment, but want to convert to condo’s? Good Luck! If this is your first transaction, perhaps you should do a little more delving. How are you going to handle the note on the apartments when they are empty? Are you sure zoning and local ordinances will allow conversion? Planning on upgrading too - how are you going to pay for that?
Thanks for the positive advice. I do know I have a lot to work out here. Can you briefly explain how creating my own take-out notes works? Thanks a million.
