Updated over 10 years ago on . Most recent reply
Help with creative finance
I am looking for some help to obtain a property. The property has a FMV of 1 million and the seller has agreed to sell for 850k. They have an existing mortgage of 688k with no other liens on the property. The seller has agreed to work do some creative financing but due to the mortgage I know my options are limited. The property has 2 structures on it with 3 units that rent for 4800/ month and I plan on living in one unit and using the income from the other units to qualify for the property.
My main thought is to find a 6 month private money loan to clear the existing mortgage and then have her carry the balance in the form of a note. In six months I could use the equity in the house and pull a loan.
Would appreciate any thoughts or suggestions
Mahalo