OfflinePlease Help!!
I have a very motivated seller with three properties. Property #1 has a 47k mortgage he wants to take a loss on, and me take over the property. Has a tenant who pays 300 a month, but he has a mortgage for 540. He pays the difference out of his pocket, but the current agreement is the tenant does all the repairs and maintenance. Property #2 is a free and clear property with a current tenant who pays 500 a month and he asking 40k for the property. This tenant does all the repairs and maintenance as well. Property #3 is a duplex with two apartments that are 2br/2ba. Wants 60k for this property but needs a lot of work, but has no tenants. This property is located new a nearly build college. So how do I use creative financing to obtain these properties possibly with no money down? Any help is appreciated!!!
"Miracles R Achieved When Believed"
'And the Lord Thy God Will Bring Thee into the Land Thy Fathers Possessed, and Thou Shall Possess it; and He Will do Thee Good, and Multiply Thee Above Thy Fathers," (Deuteronomy 30:5, King James Version)
'I can do ALL things through Christ which strengthens me!' (Philippians 4:13, King James Version)
First- ask your seller to sell these properties for you no money down, second- ask him to give you five years terms with agree on interest rate 2-6%?,third-take out home equity on property#2,forth-get reha loan from HUD 203(K). Note, make sure that you communicate with the tenant who does the repair for the property.Also, you will be able to refinance on these properties within five years. Good luck.
Thank you princess, I will let you know what happens. Thanks for the advice.
"Miracles R Achieved When Believed"
'And the Lord Thy God Will Bring Thee into the Land Thy Fathers Possessed, and Thou Shall Possess it; and He Will do Thee Good, and Multiply Thee Above Thy Fathers," (Deuteronomy 30:5, King James Version)
'I can do ALL things through Christ which strengthens me!' (Philippians 4:13, King James Version)
I don't know of a bank that will do a home equity on #2 because it is not owner occupied. So the question is what's owed on #3 ... If it's free & clear also, you can bridge the equity from #2 & #3 together,( because the bank that holds the mortgage on #1 will have to be satisfied, unless it was a private assumable loan). There are some Hard Money Lenders that are now doing
loans on properties you are going to keep. You could rehab the duplex & then flip it, since that will bring the most $.
The duplex is free and clear. I am not sure if the mortgage is assumable, but that is a good question. I will find that out. Good advice. Thank you very much? Although I am new to this and not really sure where to find hard money lenders? Do you have any in mind? And, what is a bridge loan?
Thank you
"Miracles R Achieved When Believed"
'And the Lord Thy God Will Bring Thee into the Land Thy Fathers Possessed, and Thou Shall Possess it; and He Will do Thee Good, and Multiply Thee Above Thy Fathers," (Deuteronomy 30:5, King James Version)
'I can do ALL things through Christ which strengthens me!' (Philippians 4:13, King James Version)
I was refering only to bridge the equity on 2 & 3 for leverage.A bridge loan is different, it's where your combining 2 different properties into 1 mortgage.
How long are the tenants leases? Either up the rent and get a mgmt company which usually charges 10% of monthly rent, or get new tenants so you can have a positive cash flow.