Financing Genius Please help..... - Posted by RichS

Posted by Kawika Ohumukini on January 23, 2004 at 03:04:49:

  1. What is the existing financing details (loan balance, payment, assumable)?

  2. Will the owner do seller financing?

  3. Will the owner do a lease/option or option?

  4. What are the comps in the area?

Financing Genius Please help… - Posted by RichS

Posted by RichS on January 22, 2004 at 21:06:00:

I have a property that is asking 32k but assess at 50k. I have no money and when I say no money. I mean no money of my own to finance it. The thing is I could put a bid for less than 32k because it needs fixing (about 5k).

How could I finance this. I want to own and rent it out. This is a NOO. Any suggestions?

Re: Financing Genius Please help… - Posted by Tbyrd

Posted by Tbyrd on January 25, 2004 at 02:22:34:

Check w/a local banker about in-house loans based on “tax Value” if the deed is in your name.
I know some will do 120% loan based on tax value, no appraisal needed.
Check the tax appraisal of the property, if the numbers work, try to get the seller to take back a 90 day note secured by the property, explaining to him that your bank will loan you the money, provided you’ve already checked that, if the deed is in your name. If not, you can’t buy his house for his full asking price.
Just an idea.Hope this helps.