Updated about 6 years ago on . Most recent reply
Lending on 8 condo units
I am looking at purchasing 8 condo units to have as rentals. The owner wants $750k for all of them. They are all worth about $900k if individual appraised.
I discussed with him about owner financing. I stated if pay him $50k. He’d carry the loan on $700k for 6 months to a year whenever the seasoning period is up then I refinance. If it appraised for $900k and the bank gave me 80% of that I’d only have to pay him $30k and may walk away with cash at closing. He is interested in allowing this to happen.
He currently has a loan on the units. Is it possible for him to owner finance the units to me if he already has a loan on them? Any advice would be greatly appreciated.