L/O for personal residence? - Posted by Brian Savage
Posted by Brian Savage on January 30, 2001 at 23:12:55:
Ed and Group,
I have found a duplex that I would like for my personal residence. I am trying to purchase with no money out of my pocket.
Object - offset my COL by renting other side for next 4 years.
State - Oklahoma
Credit score - 702
Self Employed since 1996 - I write everything off so I show almost no income.
Own home which I am selling. FMV- $115K MTG - 88K I need to pay off a personal note for 10K and I want to use the other 17 for investing.
Property to buy-
asking $88,600- this is FMV - $80,000 CASH could buy.
One side rented below market. rents now $375 - 2bd,1b2car will bring $550
has been completely remodeled both sides
1st on the property $24,000
Property is in a trust with Mother and two daughters who want cash out.
states not willing to carry anything, however, I believe this is because she needs the cash now to split with her children and if I could solve this problem then she seriously consider the offer.
Could she create a note and sell at closing? Would she leave too much $$ on the table if she did this? Refi then L/O to me? What do any of you see as the best possible deal structure for this property?
Thanks in advance for your advice,