Posted by Michael Morrongiello on January 29, 2001 at 18:16:42:
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.
To your success,