What can I do with this one … ? - Posted by Bill Biggs
Posted by Bill Biggs on August 01, 2003 at 15:12:59:
I have a contract for 7 townhomes at $50K each. It took some doing (going back 3 yrs and 5 miles away) to find an appraisal for $40K each. The income on each TH is 3-$700, 1-$600, 3-$500 for a total of $4200 per month. The seller has agreed to take back a loan of $15K on each ($105K) with a balance of $35K for bank financing ($245K).
Where can I find someone to loan on the $245K?
I expect to put down 10% of that $245K for a 30yr note for ?% (7%?). The seller second is 15yr at 8%. I have 700+ credit and am self-employed and have another rental (3mo so far). One can tell by the numbers that this is a decent cash flow ($1k+ with low T&I) after the financing.