Assumable loans - Posted by Matt Selph

Posted by Jevon on May 15, 2002 at 08:30:28:

You can try findaing a lender that will give you a second, if all the numbers work out. Give the $10000 second to the bank that has the first. the second will eat into the $150 but if you get $100 a month from this property and it does not cost you anything to get into it is it worth it to you. Only you can answer that!

Assumable loans - Posted by Matt Selph

Posted by Matt Selph on May 13, 2002 at 23:50:27:

Okay, so I am working on my first purchase of which I will ask the following questions.

  1. It is a 4yr old home that has an assumable loan. Supposedly, in order to assume the loan I have to come up with $10,000 to give to the bank. The interest rate that the seller has is low and it leaves me with a $150 month positive cash flow. So it looks like a good deal, but $10,000 is more than I am willing to put in for 150 a month. My goal is to use other peoples money, not mine. The seller is very motivated (he has people that are physically asaulting him and he wants to get out of the state ASAP and I mean ASAP) and owes $92,000.

Does anybody have some creative ways to finance this with no money down? What can I do?

Any quick help will be greatly appreciated.
Matt Selph