Posted by Scott on May 18, 2000 at 21:09:03:
Have her accept a 2nd position of $100K and take out first mortgage for $30K.
Scott
Is this a deal, or what? - Posted by moody
Posted by moody on May 18, 2000 at 21:02:31:
Okay, oh great ones, here ya go…
Divorce situation forces sale of 2 story 4/1 on 18.5 acres with a pond, barn, woods, (rural area of MO). Upstairs needs to be finished- tape off and finish the drywall, needs carpet throughout, needs plumbing in upstairs bathroom which will make it a 4/2— all the lady wants is 130k and she owns it free and clear. She is open to taking a chunk of $ down and settling for the rest in monthlies, but she wants in and around 30k up front. The land alone is worth around 100-110. I have no idea what the ARV (After Repaired Value) would be, but I KNOW that the place would sell easy for at least 170k…
So, what would YOU do? Especially if you didn’t want to use your own money (what money?), eh?
Aren’t there some rehab loans out there available based on the value of the home?
Any suggestions would be of CONSIDERABLE value. Thanks.
The humblest of beginning investors,
Moodster
Re: Is this a deal, or what? - Posted by Doug Pretorius
Posted by Doug Pretorius on May 18, 2000 at 23:00:22:
You should be able to get a first (or write one) that will give the seller her cash plus what you need to complete repairs.
Looks like a WRAP to me - Posted by JohnWe (NoCA)
Posted by JohnWe (NoCA) on May 18, 2000 at 21:52:29:
Here you go…
Purchase Price: $130K
Down Payment: $30K
Owner Carry: $100K
Term: 30 yrs
Interest: 8%
Payment: $733.76
Sell it on a wrap with owner financing…
Sale Price: $190K
Down: $30K
Loan Balance: $160K
Term: 30 yrs
Interest: 11%
Payment: $1523.72
At the end of the day, you have nothing out of pocket, and $789.95 cash flow for 30 years!
If you can’t double close fast enough, and you need the $30K float, borrow it, or bring someone else in on the deal.
Good luck!