Posted by Misty on March 10, 2001 at 16:38:23:
ED,
Not sure if you got my first message but wanted to appreciate you and your words of wisdom and your generosity is welcomed by so many of us, you give us hope and inspiration and I count on you and this site to get me through every day, like a vitamin, thanks again!!!
Need Some Advice On This Deal Please! - Posted by Misty
Posted by Misty on March 09, 2001 at 13:13:54:
I have a 3 unit rental property asking price $28000
I can get a mortgage on it for 80% (approx $21000)
(Based on my B credit and partners AAA credit report but taking my lower score)
This is based on 30 years, 2-year locked at 13% interest but can change that in a year…(my credit will be fixed)
I would still owe approximately $8000.
My offer to him is 28000 asking price
$8000 seller carries for 60 months
Rental income is 9960.00
Taxes 1575
Insurance/Utilities 625
Mortgage payment is 247
2nd with 7% interest for 60 mos. is 159
Does this sound good or does anyone have a better suggestion? Can close quickly…
Re: Need Some Advice On This Deal Please! - Posted by Ed Garcia
Posted by Ed Garcia on March 10, 2001 at 11:12:38:
Misty,
There are a lot of caveats in your deal; for example, it’s a small deal, so you’re restricted on lender availability. As you mentioned your credit problem affects the deal in regards to costing. Misty, what I like is that, you have a game plan for your deal. You plan to refinance it once you improve your credit, increasing the cash flow. It’s a little deal and you shouldn’t get hurt, good luck,
Ed Garcia