Posted by John Merchant on August 31, 2009 at 21:06:05:
Since the owner/seller is staying in title until he’s paid, you have nothing to pledge or to use to securitize a 2d mtg.
But if you own another property, that could maybe be used to securitize a loan to get you the cash you need.
a 2nd on a land contract? - Posted by Joel D
Posted by Joel D on August 31, 2009 at 13:23:47:
I am looking at two four families that are quite a good deal and the owner is willing to do a landcontract for 5 yrs @ 4.5% int only…the building would work at these rates. However…
He would like 30% down which I do not have. Total price for both would be 429K and I have about 20K (~5%) to put into it. With a land contract is it possible to have a second mortgage? In other words, if I could get someone to lend me 25% of this thing, could it be collateralized to the buildings or as it is a land contract would I have to find something else to collateralize the 2nd to??? Like my good looks or something 
I have never done a land contract so I dont know what is typical.
Thanks -
Joel