Ideas for helping buyers? - Posted by ChampNY

Posted by Sean on May 28, 2000 at 20:32:18:

This is an easily doable deal. You just buy the place for $110,000 cash and you resell to the people who want to buy for $10,000 down and a note for $140,000.

But the problem is that you probably don’t have $110,000 cash. But you can probably sell part of that $140,000 note for $110,000. Why don’t you contact some of the people on here that buy notes to see what type of terms the note would need to have in order to be worth $110,000.

Ideas for helping buyers? - Posted by ChampNY

Posted by ChampNY on May 27, 2000 at 18:29:39:

I have been approached by a couple interested in buying a commercial property. It is a tavern/restaurant with an apartment on the second floor. The buyers want to rent out the apartment (currently @ $350/mo) and operate the tavern/restaurant. They have previous restaurant management experience. The seller is asking $150,000 with $50,000 down or $110,000 all cash. The buyers have only about $10,000 cash for the dp. The business currently brings in between $1200 and $1500 a month and the seller owns the property free and clear.

Two questions:

  1. What additional information would I need to determine if this is a doable deal?

  2. From my position as a middle man, what alternatives do I have to help this couple buy this property, provided the due diligence checks out?

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