Posted by Thomas on February 19, 2002 at 07:02:50:
The personal loan is for 40K which will stay in her name. The payments are $280 month
which loan should I get?? - Posted by thomas
Posted by thomas on February 18, 2002 at 17:37:17:
I have a woman that will give me her duplex if I will take a personal loan off of her hands where she put in replacement windows, new guttering and some siding but the house itself has no lien on it whatsoever and has a clear title. I want the equity out of it to finish repairs so I can rent it out plus put cash in my pocket. The house is worth approx. 35K but that was before the windows, guttering & siding. What loan would be best for me?
BTW the rents should go for 500 & 375.
Re: which loan should I get?? - Posted by JoeS
Posted by JoeS on February 19, 2002 at 07:23:25:
The big question now is…what would it appraise for? You need to establish a firm value before proceeding. Have a realtor give a market analysis, this will give you a ballpark figure. If they come in at around a figure of $45,000, and $40K is owed, too skinny of a deal. Because it is a personal loan and not a lien, offer her less than what the balance is. What is her level of motivation? Why is she selling? HTH.
Re: which loan should I get?? - Posted by JoeS
Posted by JoeS on February 19, 2002 at 06:59:27:
Perfect opportunity to do a seller financed deal! How much is the personal loan for? We really need more info od the deal in order to advise on how to structure the deal.
Re: which loan should I get?? - Posted by thomas
Posted by thomas on February 20, 2002 at 06:33:48:
ok house is worth 40k before all of the windows were replaced, gutters and siding. Lien is for 16,750. Plus which type of paperwork do I use to do this subject to with? thanks for your input here.