Posted by JPiper on April 22, 1999 at 01:24:06:
Since you don’t have title to the property you can’t get a loan against it. Stick to l/o.
JPiper
Owner Financing - Posted by Derek (NC)
Posted by Derek (NC) on April 21, 1999 at 13:31:45:
Hello all,
I recently acquired another home under L/O, and was interested in trying to either create a note, or do the owner financing thing and I was wondering If I could get some advice on structuring the deal…
FMV $67,000
PP $ 56,000
Rent $575
IR 7.75%
I know there may be more info that you need if so, I will respond…
There is currently a tenant in the home but his lease is up in Oct. and has already stated that he wants out. Is this a deal that i could possibly use owner financing on or could I create a note? Or is all this just wishful thinking, and I need to just stick to the L/O?
Thanks in advance,
Derek (NC)
Re: Owner Financing - Posted by Bud Branstetter
Posted by Bud Branstetter on April 22, 1999 at 12:58:35:
There is not enough equity in the property to do a note deal. If the owner will give you ownership then you can wrap his note and make a few dollars. If he wants a larger amount of cash in the nearer future then you are left with rent to own to a T/B. Make sure the T/B can qualify in the future before you do the deal with them.