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Forums » Innovative Strategies » How would you structure this?

How would you structure this? Subscribe to How would you structure this?

7 posts by 5 users

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Michael R.

Real Estate Investor · New York


Forum_avatar_avatar-mrothe

Icon_minipost Jul 12 '09, 05:16 AM

Seller owes 24k. I agree to buy for 35k. What would be the safest way to finance this property without getting conventional financing? Owner is open to all forms of creative financing.
Thanks!

Edited: 06/26/2010 at 08:56AM


Eddie Ziv

Real Estate Investor · Studio City, California


Forum_avatar_avatar-ziv2liv

Icon_minipost Jul 12 '09, 05:36 AM

You are in a tough place. Even if the owner agrees to finance the difference ($11K), your choices are - private money (Friend, family or other investors) or hard money. Unfortunately, conventional loans are form $40K -$50K and up.
Other option is maybe to talk to the original lender, they may have an idea how to accomplish that. There maybe greater equity in the house and therefor more money can be borrowed, but I seriously doubt it since cash out is the hardest thing to get this days.

Edited: 06/26/2010 at 08:56AM


Norm Chrostowski

Real Estate Investor · Lakeview, New York


Forum_avatar_avatar-csxman

Icon_minipost Jul 12 '09, 10:40 AM

What's the ARV of the house? What are you doing with it? Buy and hold, flip, wholesale?

Edited: 06/26/2010 at 08:56AM


Steve Sparks

Real Estate Investor · cincinnati, Ohio


Forum_avatar_avatar-pelican3313
Pro

Icon_minipost Jul 12 '09, 11:12 AM

easiest way? 11K cash and wraparound on the 24K

Edited: 06/26/2010 at 08:56AM

Steve Sparks, Rebound Properties
E-Mail: steve.sparks@fuse.net
Telephone: 859.907.3485
Website: http://www.reboundprops.com
Your Cincinnati contact for all things REO steve.sparks@fuse.net


Eddie Ziv

Real Estate Investor · Studio City, California


Forum_avatar_avatar-ziv2liv

Icon_minipost Jul 12 '09, 01:48 PM

easiest way? 11K cash and wraparound on the 24K
___________________________________________
Interesting option, but how do you do a wraparound on sale without triggering "due on sale" of the first mortgage?

Edited: 06/26/2010 at 08:56AM


Michael R.

Real Estate Investor · New York


Forum_avatar_avatar-mrothe

Icon_minipost Jul 13 '09, 05:08 AM

Arv about 45k. Needs about 1k work. Looking to buy and hold. Rented at 1200/month. Was thinking about doing a Land Contract. Any thoughts?

Edited: 06/26/2010 at 08:57AM


Jon Holdman

Real Estate Investor · Denver, Colorado


Forum_avatar_avatar-wheatie
ModeratorPro

Icon_minipost Jul 13 '09, 05:25 AM

Good deal. I'd try to get a deed. Have your proposed doing a second with the seller? Or a wrap? Wrap the existing note with that payment going directly to the lender and the remainder going to the seller. Land contract would be second choice, lease option third.

How much is the payment on the first? If thats a 30 year mortgage, and its relatively new, the payment must be around $150 (plus taxes and insurance). If so you could offer the seller say $400 a month for 30 months. That's $12,000, more than the $11,000 they're asking for. You'll be just break even for that 2.5 years, but then in a very nice position after that.

Edited: 06/26/2010 at 08:57AM

Small_flying-phoenixJon Holdman, Flying Phoenix LLC


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