Posted by Ray S(FL) on December 18, 2001 at 15:44:16:
What exactly are you trying to accomplish from this deal? You stated in your post that you have a partner? Partnerships, at least in my opinion, are to be between two people with different resources coming together for a comon goal. ie. Your partner has money, credit, or both and you have knowldege as to finding deals and creative financing. It appears that you are partnering with someone with the same financial situation that you have.
Also, what and where is the deal in all of the numbers? Are you paying full purchase price for the property? What are your investment goals for this investment? To have a property with positive cash flow? Please don’t take offense to my questions, I am just trying to get a little more information.
One thing that comes to my mind is having the seller create a note for the first and sale the note for cash at closing. That would give the seller a lot of his cash and he could hold a second for the majority of the balance owed him. You would need to come to closing with 5% of the purchase price and probably some closing costs but, you can negotiate the closing costs. That is one way to get the transaction closed. I have done this before with sellers who want to cash out. Contact Edd lay at Pinn Bank. His number is 888-238-8413. He can give you a quote over the phone about his services.
Hope this helps,