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Updated almost 8 years ago on . Most recent reply

User Stats

58
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16
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Christian Podedworny
  • Maspeth, NY
16
Votes |
58
Posts

Bank financing blended with Owner finance on 20 unit ?

Christian Podedworny
  • Maspeth, NY
Posted

I made a post about purchasing 2 quadplexes earlier with an owner financed down payment in second position and I have the same situation on a 20 unit complex. The seller is going to entertain owner financing (on down payment portion) on this 20 unit he looks to sell and I am trying to figure out a way on how to purchase this property with 10% down. I own a quadplex, 3 duplexes and 3 SFR which are all paid off. I can refinance the Quadplex, pull out $100,000 as a 10% down payment on the 20 unit complex and possibly have the owner fiance 10- 15 % of the renaming down payment. Even though I can refinance all the properties and come up with the 25% down payment from the equity in the properties I rather save the equity to buy other properties. What are your thoughts? Are there lenders who would underwrite this deal?

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