Posted by JT on August 28, 2004 at 12:13:06:
I also have a great credit score and some cash reserves. How exactly would a seller finance the other 10% (down payment) so I wouldn’t have to use my own money? Would the seller have to write a check for 10% to pay off his mortgage? What if the seller wanted some cash? If the seller will not finance the 10%, what other options are there if you don’t want to use your own $ for the 10% down payment?
Thanks!
Jim T.
How do I finance this? - Posted by Rich Hyams
Posted by Rich Hyams on August 22, 2004 at 22:23:13:
I have an accepted offer of 178k on a fourplex that is leased at 2275 a month, It will be 2400 a month once the last of the four 2/2 units is rehabbed. They are all currently rented. The best sale I have of a comparable unit is 173k over a year ago. There are five similar buildings on this neat street. One othere is for sale asking 225k.
We are in Titusville, Florida, I know we are at the fourplex line and that conventional lenders want to see 20% down, I will do that, but I would prefer 100% financing since it cash flows so well.
Got GREAT credit, 765 middle, what is the best way to finance this?
Re: How do I finance this? - Posted by evo
Posted by evo on August 24, 2004 at 21:47:55:
There are very few lenders that would do 100% financing for N/O/O 4 units. Email me if you need help getting 100% financing.
Re: How do I finance this? - Posted by James Strange
Posted by James Strange on August 23, 2004 at 09:16:00:
100% on a 4 plex usually requires private or Hard Money with a high interest rate.
Conventional with 10% down usually works out very well.
Re: How do I finance this? - Posted by Jesse
Posted by Jesse on August 23, 2004 at 07:18:32:
With your credit scores, you can get 90% LTV with no problem. Ask to seller to finance the other 10% so that you only have to pay for closing costs. I’ve done a few loans for investors similar to this.
Jesse