OfflineHi DG family. I have an opportunity to purchase nine properties from a investor who is tired of dealing with real estate. He is willing to finance 85% of the sell price with no interest and is requiring the other 15% as a down payment. All of the properties are fixed up and five are rented out. What is a good way to get the financing for the down payment. I was wondering if there was a certain contract or agreement (ex. land contract, etc.) that I can use to show that I have an interest in the property to show the bank to possibly get a loan for the remaining 15% required by the seller. The seller is open and willing to try new ideas to get this deal closed. If anyone has any information that can help me get this deal closed please share.
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any private money lenders?? They would most likely jump on this deal.
"Nothing can stop the man with the right mental attitude from achieving his goal; nothing on earth can help the man with the wrong mental attitude."
Shaun Omar
DSD Investor Group Inc
www.dsdinvestorgroup.net
www.decoscapesinc.com
http://h1.flashvortex.com/display.php?id=2_1315708016_24517_144_21583_70...
Shaun I don't think the HML will do that being the seller will be the first place lien holder.
We need to know if there is any equity in the properties. If there is the seller could take out the 15% and add it to the purchase price and let you make those monthly payments until you can balloon him out.Just a thought.
http://kendrickpropertymanagement.com/
http://rochesterapartmentrentals.com/?page_id=10
Jim I didn't think about that. Thanks
"Nothing can stop the man with the right mental attitude from achieving his goal; nothing on earth can help the man with the wrong mental attitude."
Shaun Omar
DSD Investor Group Inc
www.dsdinvestorgroup.net
www.decoscapesinc.com
http://h1.flashvortex.com/display.php?id=2_1315708016_24517_144_21583_70...
That is great that the seller wants to do 85% of the financing,and 15% of the down payment,even 90% of the financing,and 10% of the dp would be good,but only if he would charge at least 8% interest,if he was to do that,I could get him the cash in days.
mike
There is equity in the properties but he is set on the down payment. But he is willing to sign over a small amount (ex. 100,000 home give me a contract saying I have a small interest in the property say 15,000) if he does this will I be able to take this to a bank and finance that amount, and if I can what kind of contract will I need to make this deal happen that the banks will accept.And if anyone has a sample contract that will be approved by the bank please send
Mike that's good for the seller but you just cost our fellow DGer more money to make his deal.
And if you can provide cash in days then I need to talk to you about some of the rehabs I want funding for.
http://kendrickpropertymanagement.com/
http://rochesterapartmentrentals.com/?page_id=10
I would love to get you the cash that you need for your rehabs,but I can only get the cash for anyone that has a promissary note,that wants to sell.I work with a group of buyers that wants to buy the future payments secured by real estate.
mike
Is this transaction being conducted under the Laws of Sharia and the prohibition of Riba? Knowing this might help me help you with your quest of funds.
Always Looking to Acquire Houses | Always Looking to Amaze Investors
have you looked for any partners (friends, family, your dentist!) that might put up the the cash for some % of ownership?
wishing you great success,
valerie
Valerie
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