Posted by PBoone on May 15, 1999 at 11:13:33:
Stay away from High end houses just think… What percentage of renters in your area can or will pay $3000.00 per month?
2nd mortgage means you go to the bank and borrow some of the money say 300,000 and the seller loans 39,000 to you (on paper) the 39,000 would be the 2nd mortgage.
Pat
I NEED HELP regarding a builders closeout - Posted by Zoran
Posted by Zoran on May 15, 1999 at 09:39:45:
I need some help here. In todays paper a there is an ad
that says"Builder’s Closeout,2 models to chose from,
4 bdrm, 2 baths. Land Contract,Lease Option,2nd mortgage
from $339,900". A few questions now:1.What does he mean by 2ndmortgage and 2.I am new to this stuff so i had in mind to Lease Option the home and then Sublease it.Should I attempt to start off with such a big home or what? Please send me some expert advice on what I should do, and what you would do. Thankyou, Zoran