Need help structuring deal . . . .????? - Posted by Mike_MS

Posted by Mr.Gray on August 19, 2003 at 21:46:42:

Overwrite the contract and do a seperate addendum the lender never see’s.

Need help structuring deal . . . .??? - Posted by Mike_MS

Posted by Mike_MS on August 14, 2003 at 15:56:57:

First let me thank everyone for all the good information on this board. Although, I decided to go ahead and ask the question so I can get this deal structured rather than continuing with all the reading. Any help would be appreciated.

Situation: Man in neighborhood is building a house. He just started paying 2 mortgages until his new house is constructed. He wants to sell me the other (one in currently lives in) and is willing to negotiate some good terms. I could possibly get this house for appraisal or less and no money down. What would be a good way to structure this where we both could have a WIN-WIN. I was thinking about going ahead and doing some type of purchase and then let him rent until his new house is complete and until he can get out. I just want to do what is reasonable for both parties. He would like to get away from 2 notes and I would like to pick up a house and help.

Thanks in advance!

Re: Need help structuring deal . . . .??? - Posted by Nathan Mullins

Posted by Nathan Mullins on August 19, 2003 at 19:49:29:

There are a couple of options. You could go for the 100%, that would have to be with a broker for a n/o/o property. If you can come in with 5% down you could actually get alot better rate.