Is This LEGAL?
Can I do this?
I have found a Duplex in my area for 46,900 instead of offering a lower price for example 41,900. Could the seller give me cash back at closing for $5,000 that would mean he would get the 41,900. I have worked out the numbers and I would still Positive Cash Flow taking a loan at 46,900 both units are rented out $500 a piece. Any information would be great.
Thanks
[ Edited by steady28 on Date 06/20/2006 ]
Thanks kimtd do they have a forum on here to explain closing techniques.
will be back.
Mike.....let me ask you a question.
If a commercial property (basically any one of them) has a lease in place, good payment history, market rent, escalations built into the lease....and thus has a proven underwritten value of.....$1,500,000....tell me why the seller is going to wholesale or discount that property to $1,410,000?
The seller will discount the property for the same reasons a seller willdiscount a house:
Divorce, death, taxes, bankruptcy, etc., etc.
I to am in the process of looking for motivated sellers of commercial properties and have not found any "wholeslaers". THe properties we have acquired have been via mailings and phone calls.
Best of luck in your search.