How Would You Structure This?
Here is the deal
23 properties for a total of 43 units.
Owner will finance with 220k down
Total purchase price with owner financing is 1.1million
If buyer has financing price drops to 900k
After all expenses(including a 6% mortgage) net income on properties would be 130k a year
What I have:
A 700+ credit score
Access to business line of credit
One of my thoughts is use my business line of credit credit for the 220k downpayment. Pay that credit line back in two years or less and leave the owner financing in place. Only downfall is my business line of credit has around 12% interest
Would appreciate other ways of doing this and all advice. Thanks!!!
[ Edited by jamieverkist on Date 09/17/2008 ]
23 properties for a total of 43 units.
Owner will finance with 220k down
Total purchase price with owner financing is 1.1million
If buyer has financing price drops to 900k
After all expenses(including a 6% mortgage) net income on properties would be 130k a year
What I have:
A 700+ credit score
Access to business line of credit
One of my thoughts is use my business line of credit credit for the 220k downpayment. Pay that credit line back in two years or less and leave the owner financing in place. Only downfall is my business line of credit has around 12% interest
Would appreciate other ways of doing this and all advice. Thanks!!!
[ Edited by jamieverkist on Date 09/17/2008 ]
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