Posted by CA on September 17, 2004 at 12:52:32:
You can ask the seller to carry since it’s not a good idea to use HELOC. But what will be your NOI, CAP RATE, yearly maintenance, PITI?
Where is it located?
Need Help Financing 12 apt. building - Posted by Frank Notaro
Posted by Frank Notaro on September 16, 2004 at 15:35:39:
I need help financing this deal. Owner is selling 2 buildings with 6 apts. each for $800k. I will need 25% down payment which I don’t have. I have a $40k HELOC on the way, but I can only use about $20k for the down payment.
The seller owns both buildings free and clear. He wants to sell it because his children won’t be able to take care of it. I want to ask him if he will finance the down payment portion (when I meet him).
What I plan to offer him is this. I will give him the full $800k if he agrees to give me a second mortgage for $200k for 15 years at 6%. I can pay him or his children.
What do you think?
Frank