Posted by AnnNC on December 10, 2000 at 15:35:25:
Maybe check on prior flooding (after Floyd in’99). I think in earlier post you said it had a septic tank on attached land where MH or storage unit would go. Not sure if flooding was that far North, but worth to check it. Ann
ADVICE ON HOW TO DO NICE DEAL!! - Posted by george from raleigh
Posted by george from raleigh on December 10, 2000 at 12:39:55:
Here’s the sitch: an insurance client of mine (74 yrs. old.) owns a house with good highway frontage near Elizabeth City free and clear. Has a house in VA she wants to move back into, wants out of this house. Her asking price is $75,000, insists on $22,000 cash, will take back $53,000 mortgage @ 8%, 20 year term with three year balloon. I also think she would take as little as $65,000 if all cash at closing, no owner financing. No current appraisal, but should appraise in the $100,000 range. However, she will NOT take a mortgage in a second position. The property cash flows excellently, and has extra land to put a mobile home or self-storage units for extra income. There are two residential units, one rents for $350 per month, other unit (where she lives now) should command $600-700. The house is impeccable. My problem is the $22k. Any ideas?
Re: ADVICE ON HOW TO DO NICE DEAL!! - Posted by JohnBoy
Posted by JohnBoy on December 11, 2000 at 01:12:55:
If your estimate is accurate and the property will appraise for $100k or more and she will take $65k for all cash, then use a hard money lender to fund the deal. That would put you at 65% LTV and is a slam dunk for hard money lenders.
Re: ADVICE ON HOW TO DO NICE DEAL!! - Posted by dewco
Posted by dewco on December 10, 2000 at 18:12:13:
Find a partner and’/or get money out on a creit card or line of equity on your home, or someone elses (the partner).