How Can I Finance This Without Any Money Down?
Mulit family property. owner willing to carry back some of it. Property valued about 6% to 10% below market but it cash flows nicely. I herd in another forum if the owner carries back, say 20 to 30% then you ask teh bank to loan 70% they wont do it unless you actually put something down. What do you suggest how to do this. He has several properties and all are in good condition and nets well. One needs a roof but he discounted the price to cover the roof. Not sure how to work that deal to cover the cost repairing the roof.
If the bank won't do it, look for another bank, or better, find a good mortgage broker and let them search for loan options for you.
If the seller is motivated and willing to work with you, there are always options available. Don't know the particulars of the deal, but in general, here are some ideas.
Take the property subject to the existing mortgage, and then refinance into your own name. A refi will go off of the appraised value, not purchase price. Sign a partnership with the current owner, have them sign a quitclaim for for 1/2 ownership, and then refi into your own name. Find a cash partner for the down.
These are just a few quick ideas.
Roger
I'm doing a deal right now where I'm financing 80% of a triplex and the owner will carry 20%. I'm giving them a small amount above the asking price to be credited at closing toward closing costs. Then, I found a bank that will finance the 20% once the house is deeded to me. So the seller is signing the note for 180 days with no payments due and she'll be paid off in 90 days once I refi.
According to my estimates I think I'll even walk away from settlement with a few thousand for myself.
Hope this helpd. E-mail me if you want to know the banks, etc... I'd be happy to share.