Updated over 3 years ago on . Most recent reply
3 condo deal in Raleigh, NC
Good Afternoon! I have an opportunity to purchase 3 condos, two of which are directly on top of each other and the third right beside the upper-level one. I'll be happy to share all of the details, but two would be bought from a family estate and would almost be a buy one get one type of deal so there would be a ton of equity. The third one I have already negotiated a price on and there would be a substantial amount of equity in as well. I have talked with a mortgage company that specializes in these type of deals, but would be happy to talk to another, however, if I go with this one, I am looking for a downpayment type of loan in the neighborhood of $40,000. I am open to creative solutions because this is an incredible deal that I want to make happen. Does anyone know of a resource that would do this type of financing based on the deal? I hope I am conforming with the guidelines of this forum as I am asking for information. Please let me know if I have done anything incorrectly as this is my first post. Thanks!
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@John Ashley, without knowing the value of the condos, it's hard to offer so much advice.
If the $40k represents at least 30% of the value of the 3 condos, you should have enough for a conventional down payment for many lenders that will look at these types of deals. Happy to speak further if you need more guidance.