All Forum Posts by: Joseph St. Clair
Joseph St. Clair has started 1 posts and replied 2 times.
Post: Financing Mixed Use Multifamily Installment Purchase
- Ft Walton Bch, FL
- Posts 2
- Votes 0
Originally posted by @Andrew Postell:
@Joseph St. Clair a hard money lender will not have an issue with this deal because of the lien. When the sellers sell you the property the lien is paid off. The important item to know if how much the home is worth now. Do you know what the comparable property value is?
Tax value is $56k and owners estimate value of $99k. I'd say that is pretty spot on considering the price comp apartments in the area are selling/asking for. I plan to negotiate the price lower once I prove I have the means to purchase since they told me they are having a hard time finding someone with $40k for the first installment. My search of hard money lenders operating in that state (Kentucky) yielded no results in terms of lenders who would accept a secondary lien or finance something in this method.
I think if I could secure financing this could be turned into a good deal. This property is one of the first to be rehabbed in an area I think will grow in the future.
Post: Financing Mixed Use Multifamily Installment Purchase
- Ft Walton Bch, FL
- Posts 2
- Votes 0
Hi BP,
I have found a fairly good opportunity and turnkey rental being sold by landlords looking to retire. The only problem is I am having trouble financing it. The overall cost is $75k and it is bringing in $1550 monthly. The owners want $40k up front and then will finance two other payments at 5% for the next two years.
I would pay the $40k myself but my money is currently tied up in another deal. I don't think most hard money lenders will want a piece of this since the owners will still hold a lien. Does anyone have any ideas?