mike60

I'm looking for advice?

I'm working on a $1,400,000.00 deal and I went to talk with the banker and he doesn't have problem with the owner carry a second for $400,000.00.What I can't figure out is how to have the realitor write it up.I won't to make this a no money down deal and have a little cash for fix up expenses.The owner has said as long as he gets $1,000,000.00 at closing he's happy.So what do you think? Maybe!have him carry a second and then have him discount it after closing.If I write it this way do I actually half to have a down payment?

I'm looking for advice?

I'm working on a$1,400,000.00 deal and I went to talk with the banker and he doesn't have a problem with the owner carrying a second for $400,000.00.What I can't figure out is how to have the realitor it up.I won't to make this a no money down deal and have a little cash for fix up expenses.The owner has said,as long as he gets $1,000,000.00 at closing he's happy. So!what do you think? Maybe,have him carry a second and then discount it after closing? If I write it this way, do I actually half to come up with a downpayment?