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…
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%?