Good Deal Or Bad Deal
I am thinking of buying a 3 bedroom 2 bath. I am mortaging 80% and having the seller finance the remaing 20%. Sell price is 142,900. I am paying the seller 150.00 a month for 10 years with 100 going to interest and 50 towards principle. I will cash him out at the end of 10 yrs. I can rent the home for about 1,200.00 a month. My mortgage, taxes, insurance, and payment to seller comesto about 1,000.00. Is this a good deal? It will be my first investment purchase.. The home is in good shape and properties in the area have been appreciating about 4-6% a year. Thanks in advance
I have done plenty for myself personally and for my investors. You have to find the right lenders that do not have seasoning requirements and will go off appraisal amount.
[addsig]
and if you can find a title company that will fund from the back to the front.
Over the last month more and more of the major title companies are requiring the closers to go front to back, which mean if your buying a property for 200k and selling for 400k, the title company will still require you to bring 200k with of funds to close your deal.
why would there be a seasoning issue in the sale?