POSSIBLE DEAL - Posted by DANIEL HOLDER

Posted by mike on May 17, 1999 at 22:15:37:

ask the seller how much money he needs and why. you dont care where you get the necessary money, just as long as his needs are satisfied, be it all cash or no cash to him. start with him and then come back here…

POSSIBLE DEAL - Posted by DANIEL HOLDER

Posted by DANIEL HOLDER on May 17, 1999 at 19:54:50:

I HAVE AN OPPORTUNITY TO PURCHASE 3 HOMES ON 3 SEPERATE LOTS.
1 IS A 3BR/2BA HOME THAT RENTS FOR $400
1 IS A 1BR/1BA HOME THAT RENTS FOR $350
1 IS A 2BR/1BA MOBILE HOME THAT RENTS FOR $275. THERE IS ALSO A SPOT FOR ANOTHER MOBILE HOME THAT ALREADY HAS A SEPTIC TANK FROM WHERE ONE WAS BEFORE.
PURCHASE PRICE IS $50,000, GROSS RENTS ARE $1025. TAXES AND INSURANCE ARE CHEAP.
OWNER HAS NO EXISTING FINANCING ON THE PROPERTY. I CAN OBTAIN AN 80% MTG, BUT WHERE CAN I GET MY OTHER 20%?

Re: POSSIBLE DEAL - Posted by Richard Roop

Posted by Richard Roop on May 18, 1999 at 11:07:52:

Ask the owner to carry a 2nd mortgage if your 80% lender will allow it.

Another idea is if you can sell off the lots individually, sell one to raise the cash due the seller.