How Do I Structure? Help ASAP
I have a house I am looking to buy for 132k it needs 10k worth of work. I have an investor willing to loan me the 132K.
What I need is to figure out how to structure the deal. I am paying him 15% of the loan within 18 months.
Let me start over, I need a loan for 132K for 18 months and I am willing to pay 15% to the investor loaning me the money. I want to pay the least amount I can (but keep fair and attractive to him) per month or some other way. My T/B can only pay me $1000 a month at the most, I pay taxes and insurance.
What are some of the ways I can do this?
Thank you
How does this sound to you seasoned investors.
15% of 132000. = 19,800
500 month for 18 months = 9000
10800 due the end of 18th month. plus the 132000.
total of 142800. due at the end of the 18th month.[ Edited by REPrincess on Date 06/16/2005 ]
I need to know the the current market value and the potential value in 18mths, before I can tell u wetehr or not this is a good deal. Also what is your exit strategy.
It needs 10K now for grouting. It needs no pins. some small settlement was found but there is NO damage to the house anywhere.
Two other houses same, size sold for over 185K to months ago.
Have you thought of traditional financing? With a cooperative seller you might be able to structure the deal so that you get money at closing for repair costs. If you are interested, call me. I am a mortgage broker in tampa.
Sean 813-241-8995