Are you willing to or Can you put down 20% ($46K) and then have your seller take back an 80% LTV 1st lien mortgage and note $192,000.00 that can be sold and converted into cash (it would be discounted). These cash proceeds along with your $46,000 cash down payment would provide for a sufficent amount of cash to pay off your friend (the sellers) existing $156K in debt against the property and also provide him with some cash now for his equity.
If this interests you , touch base with and we can fine tune some of the options.
I REALLY WANT TO PURCHASE THIS PROPERTY BECAUSE I FEEL THE NUMBERS MAKE SENSE, BUT I CAN ONLY FIND A LENDER TO FINANCE ME WITH 30% DOWN (69K)I HAVE IT BUT REALLY DONT WANT TO USE IT. HIS SITUATION IS HE IS LOOKING TO GET OUT AND HE OWES 150K ON HIS MORTGAGE AND ITS NOT ASSUMABLE, HE REALLY DOES NOT WANT TO REALLY HOLD A SECOND BECAUSE HE IS LOOKING TO TAKE THE MONEY AND BUY A HOME FOR HIS FAMILY BUT IF PRESSED HE MAY DO IT FOR A SHORT PERIOD OF TIME. ED I AM 25 YEARS OLD AND A NEWBIE AND AM LOOKING FOR SOME INSIGHT FROM AN EXPERT. I WILL BE ATTENDING THE CONVENTION IN MARCH TO LEARN AS MUCH AS I COULD ABOUT REI. THERE IS A LITTLE EQUITY IN THE HOME BECAUSE HE RECENTLY APPRAISED THE PROPERTY FOR 240K… WHAT SHOULD I DO? I DONT WANT TO LOSE THIS ONE. THANK YOU