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:
What additional information would I need to determine if this is a doable deal?
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?
Thanks to everyone for their generous contributions to this site and for helping all of us “newbies” with our dreams of making it big.
Neal