S.O.S !!!!!!!! - Posted by GMars ny

Posted by Lee on March 25, 1999 at 20:14:28:

Offer the seller 5% down, amoritized over 30, years with a baloon (total payoff) in 5 to 10 years IF he/ she will owner finance the deal.
Do your comps before going any further. Talk to other landlords and or property managers in your neck of the woods. I hope you know New York landlord/ tennant law and I sure hope you know Federal Fair Housing law, if you don’t know these laws now I’m sure a tenant will be glad to teach you. LOL

Good Luck

Lee

S.O.S !!! - Posted by GMars ny

Posted by GMars ny on March 25, 1999 at 18:15:07:

First I want to say thanks to anyone who responds to my questions,and second,I admire and respect everyone who have answered questions posted on this website from other people who need help.It shows me that there are still some unselfish people left in this world. I am in a situation where I really want to make this deal work.Not only because there is money to be made off the deal,but because it’s my first,and that’s very important to me. I am in contract to purchase an eight unit building in NY. We agreed on a price of $225,000 with the seller taking back a second mortgage for $45,000 at 8% for 30 yrs.The R.R is $62,400 and there are no mortgages on the property.I have spoken to some lenders and they are asking for a copy of the contract,and operating statments for the past 3 years.The problem is that the seller kept very poor records and his operating statments are not correct.How can we fix this problem so that I can get financing for this property? Will hard money lenders finance tihs type of deal; due to the fact that I have none of my money in it? P.S. I have spoken to the tennants and they all told me that their monthly rent is $650.The rent roll is also stated in the contract.THANKS IN ADVANCE. RESPECTFULLY GMars.

Re: S.O.S !!! - Posted by mike

Posted by mike on March 25, 1999 at 22:51:49:

try to move the 45k second to another property, thus you will have created some identifiable equity in this property. keep looking for lenders that will play. squeeze the numbers just like always.