Posted by MarkOvegas on May 22, 2000 at 10:36:24:
Thank you for your response JPiper. Is hard money the amount due on the first mrtg? Or do you refer to the $18-20,000 seller needs?
newbie making first offer - Posted by MarkOvegas
Posted by MarkOvegas on May 20, 2000 at 15:06:26:
Seller has 70% equity, assum, OWC, 7% loan, have not seen property yet but sounds like the text book invest prop. Challenge, I have no $ to satisfy sellers (claimed) need for $18-20,000 down. Looking for suggestions.
Re: newbie making first offer - Posted by JPiper
Posted by JPiper on May 21, 2000 at 09:39:45:
Why don’t you do a hard money first…and have the seller subordinate a note for the balance to the hard money first??? Puts cash in his hands, pays the existing loan off…and he carries the balance in a second.
JPiper