Posted by Chris on February 16, 2000 at 07:23:37:
Wally-
For the grant money contact your city/county housing or community development depatments. You can locate them by looking in the government pages of your phone book.
-Chris
Would this work? Suggestions? - Posted by wally
Posted by wally on February 15, 2000 at 23:29:22:
I have come across a property here is the low down. appraisal is 140,000. existing financing is 80,000 and is not assumable. repairs will cost 20,000. owner is an out of state owner asking 89500 for the property. the age of the building was built around 1889. there are a total of eight apartments plus a post office with a lease. there are only three apartments rented. I have some cash to put into the deal 5000-9000 depending on closing costs and good credit. this would be my first property so i have little experience in managing apartment buildings.
Could the deal be structured in the following way. with a down payment, create a first mortgage with the seller to be sold at closing so that the sale of that note be enough to cover the pay off on the existing financing. Then obtain a rehab loan for 20000 in the second position. and the a 3rd note for the equity of the seller. could anyone offer a suggestion on the break down of the numbers.
i was looking at something like this; 1St for 84-85000 for 12% for 20 years. I figured that it could go for 90 cents on the dollar. (any better estimates from you note brokers?)
doing this would create a sale price of more than the owner is asking. can something like this be done?
Does any one know if this would be eligible for historic grant or loan money? how would i find out?
thanks ahead of time for your input… wally m.