Looking To Get Into Large Apartment Buildings, Down Payment Question
I have been purchasing quadplexes and under for a year now and realy would love to get into the large apartment complexes but of course do not have the large amounts of money needed for a down payment. TEll me if I am wrong or not; one of the ways I could do this is if the seller was willing to do seller financing which I could finance the down payment through the seller correct? Are there any other ways out there that I could use to help on the down payment? Thanks.
Do you have any equity that you can pull out of any of your other properties to use as cash.
Try a partner with cash or more access to larger credit.
If you can get financed for the building getting the seller to take on a secondary for down is your best bet.
Do you have any equity that you can pull out of any of your other properties to use as cash.
Try a partner with cash or more access to larger credit.
If you can get financed for the building getting the seller to take on a secondary for down is your best bet.
Yes you can do that. It is a little bit trickier to get the financing, but you can. The seller could also refi at 75% and then let you assume that note plus another for the 25%.
Most sellers won't want to do this....but some will!
Either the title company messed up severely or you have to wait 24 hrs, whatever that banks rules are.
So what you're saying is you refinanced, picked up a check from the title company, tried to cash it and it couldn't be cashed? I would definitely advise somebody, like your mortgage broker, your lender, the head of the title company.
I have never heard of this before.
rubycat33,
Did you ever get an answer from the title co? I'm sure they got the money from World so it should have been available to you. I would also bet you paid interest for the day your money was not available to you. I'm curious to hear what they said.
Puck
I spoke with my World Savings account exec. I told him of the problem and that he might check with his company as whether that is unusual. I know banking has really sped up this last year, and there is no such thing as float. I still do not know if this was irregular. He called me a couple of days ago and said he had spoke with the title company himself (which unfortunately means he did not get an official response) and the office manager told him they had offered me a wire transfer instead of a check. I took the check because I live about three blocks away from the office and they called saying they were ready. There were no restrictions or requests for time delay on deposit. Never has been before either. Actually the wire wasn't offered until I told the mgr later of my difficulty cashing the check. But the checks were worth almost $400,000 so one doesn't just put them in your wallet and go grocery shopping!
I don't think I have a good answer. I believe the title company is supposed to be a neutral holding company. They get funds from the lender, hold that money while they make ownership recording, and then disperse funds. Something smells, but I got through it and just will not do business with this title company again. They were across the hall from World, but other than that mean nothing to me.