Stepping out of my comfort zone - Posted by Mike-DFW

Posted by David Alexander on May 11, 1999 at 10:27:55:

Offer him split funding of some sort, 29k now and 29k in 3, 6, 9 monhts or even a year. That way you can you would be able to find the money very easy with Hard Money also being an alternative.

Just a thought.

David Alexander

Stepping out of my comfort zone - Posted by Mike-DFW

Posted by Mike-DFW on May 10, 1999 at 23:11:54:

I have done some wraps and L/O in the last couple of years but now have a situation I need advice on.

A tired landlord responded to my letter and has agreed to the following:

My price 58k
FMV 77-80k
repairs 2k max
market rent 850-900

Here is what I’m thinking. He doesn’t want to do a L/O or let me take it subject to the existing fin. Plus I could use a little extra cash for another project. Can I get a 90% LTV loan and put some cash in my pocket then sell on a wrap or create a note and have a money maker that way also.
Credit is not a problem.

Any other suggestions would help.

Thanks, Mike

Re: Stepping out of my comfort zone - Posted by Bud Branstetter

Posted by Bud Branstetter on May 11, 1999 at 20:25:22:

With your credit and the ITV of the note you could even do a note deal. When you give me the name of that plumber in Ft. Worth I’ll tell you the details.

Re: Stepping out of my comfort zone - Posted by Mark (SDCA)

Posted by Mark (SDCA) on May 11, 1999 at 12:20:10:

Yes, you can get 90% financing- even 95%. But it will be 90% of the purchase price- not FMV. At least for 6 months or so.

Mark