Posted by Bud Branstetter on June 03, 2000 at 23:13:43:
Being that it is a commercial type of property the lenders will want to reduce their ITV to the 70% range. Since you already own 1/3 you could cash out the others. A convention mortgage company wants cash down. A note buyer would look more friendly on this situation. The interest rate may be higher and would depend on your credit.
I want to buy our parents property - Posted by Mike, San Antonio TX
Posted by Mike, San Antonio TX on June 02, 2000 at 21:03:06:
Hi, all. I have written a post about this property before.
Parents owned a property in upstate NY free and clear. Has a 3 bedroom apartment upstairs and fully equipped Mom and Pop bar downstairs. Parents passed away and left the property to our younger brother. Bldg is at least 40 years old and the upstairs needs renovation. I would like to purchase the property from my brother and renovate the upstairs and rent it out. Also would like to either open the bar or rent it also. Sale price is $159,000 listed with a Realtor. (Contract ends 1 August) So far no offers. We would have split the proceeds from a sale three ways. I would like to invest my 1/3 back into the property and do the above mentioned plan. I live in San Antonio, TX. I am new at this but the property is just sitting there. I want to make something happen. Where can I get financing for the property in NY while I live in San Antonio?
I am open to any suggestions. Thank you
Mike