Posted by SCook85 on May 19, 1999 at 22:26:48:
You confused me when you emailed me, and I’m more confused now. Where’s the deal. I don’t see a deal here. You are going to have a very tough time pulling this one off.
You are borrowing $39,000, and need another $9000, looks to me like you will be into this one for $48,000 and the home is only worth $49,000. You are already calling this one “no money down” you have quite a ways to go before this is no money down.
You need to rethink your numbers and probably walk from this one.
Do you know what a wrap around mortgage is, you are talking about doing one and it seems like there is no way it can fit into this transaction unless you disregard everythng else you mentioned and have the owner finance the deal.
I’m not trying to come down on you but it seems to me like you need to slow down before you get yourself to deep into something that you can’t get out of. I think you need to educate yourself a little more before proceeding with a deal.