Need Help With Creative Financing Ideas
Hello,
I am about to make a deal to buy a 41 unit. They are wanting an offer from me soon but I am trying to think of how I want to offer. It appraised at 625000 and has a good income/cash flow. The owner is willing to do a carryback and has set me up with a few lenders to talk to. I don't think I have enough funds for the down payment. I have some money and a little equity in my business. Also the seller said that there would be a lot of cash coming over the table in the form of deposits, prorated rent, and taxes. Can anyone think of a way I could get into this with a smaller down payment than normal or some suggestions on how to offer? I appreciate the help. Thanks. :-?
If you are getting the escrows, rents , ect. at closing. Your broker would put this on the application to the bank and that would reduce your cash to close. This is a totally legal option that you have.
Here is the catch, you are supposed to have the security deposits in an escrow account. If you use them to finance the property , then what?
Lori
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Lori,
Thanks for the reply. I see what your saying. What if I asked for 20,000 from the seller for repairs, I wonder if that would help. Jeff
I can't say that will work or not. You would need to talk to the lenders, use one of the sellers, obviously they know him.
Lori
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