Getting Money Back At Closing?
Is one way to get a bit of cash back at closing is to have the owner write in money for repairs? If so how much could it exceed? The property is selling for 1,400,000 million but it appraises for 2,200,000 million and it sites on 55.68 acres the home is 9100sqft. I currently have a Lender who is going to lend me the money for the home ( Private Hard money Lender). How can I get money back at closing or within a couple days?
I know some people that are doing equity sharing trust arrangements-getting what amounts to an owner occupied lease purchase if that sounds interesting..would not trigger your call on sale and would allow for increased cashflow and expenses in setting up the deal[ Edited by pstephey on Date 08/07/2006 ]
You can do a wraparound
Or a land contract. Which has the additional advantage of not recording a deed and therefore making it much harder to notice a transfer. And you can take a down payment on the land contract. I have a building I am buying that way. Yes, there is a DOS but the lender is extreemly unlikely to notice this sale and we entered into it 3 years ago right after the seller renfinanced.
So you are willing to split the 6% cap rate with the guy who puts up the money? So he can get a 3% ROI? And you consider this a lucrative deal?
I think I must be missing something here.
Ive never seen an investment offered with a cap rate that low... scary.
I have even a better deal! This one kicks ASS!
ING direct, 4.25%
NO closing costs!
NO property managment!
NO fees..
and better yet..
NO tenants!
WOW! WHAT A DEAL!
Is this single tenant?