Posted by Mr Donald (NORVA) on November 05, 1998 at 01:58:11:
If you saw an ad like this in your local paper what would you think?
" ALEX/Huntington–2br, 1ba, dup, owner fin, $81500. "
Owners have $38K 1st, will carry balance for 2nd. Currently rented for $800/mo, tenants pay all utilities. Appraisal value: $95K. Also zoned for commercial use. Taxes: approx $970/yr.
They 'll hold a 2nd for $41K at 8.25% for a 5 yr term (30 amort), interest only, with balloon payment of principal at end of term - about $308/mo. The new 1st of $38K should be about 252/mo. Total debt service (PITI) should be $675/mo or so.
Mortgage money for the new $38K 1st is not a problem, but I’m looking for a hard money lender, or a creative solution to cash out at close. I’d like to max out at $54K on the 1st, if possible. Is there any way I can use notes creatively or constructively to paper this deal and cash out?
Any hard money lenders or creative note brokers in Northern Virginia for this deal? Creative and viable suggestions welcome.
Thanks in advance 