Posted by noncom on August 30, 2007 at 20:10:51:
That’s what private email feature is for x(
Know anyone who finances storage units - Posted by brady
Posted by brady on August 26, 2007 at 20:01:41:
I just found a deal on a storage unit complex and laundry mat…Wondering if anyone might know someone who finances this type of thing. Seller will finance some, and I need somebody else to be a second lein…I’m in Colorado…Thanks
Re: Know anyone who finances storage units - Posted by oneal
Posted by oneal on August 30, 2007 at 18:27:24:
hello brady i ca help finance the projects . please e-mail me at onealhodges@hotmail.com all you need is 10% down. for $350k down i can leverage you into a property of $ 3million . i finance storage faculities. apartments, mobile home parks, assistant living, health faculities . non -recourse 35 to 40 years terms. no balloons, no fica, no credit. no pre pays.
Get the seller to finance you… - Posted by Michael Morrongiello
Posted by Michael Morrongiello on August 28, 2007 at 08:00:48:
Brady:
You have it all in reverse… its the seller who NEEDS to be second position and not some investor.
Finding an investor who might be willing to put up some funds and is willing to secure their investment by going behind a LARGE 1st lien and accept a VERY HIGH RISK 2nd lien position to secure their investment will be difficult if not impossible.
Another way…
Assuming you have some FUNDS to put down - As an alternative- you come in with some cash down, then negotiate to get the property seller to financed the sale of the property to you and if properly structured that seller financed purchase money 1st lien Deed of trust & Note can be converted into a cash lump sum.
The Key here is hone in on what the real cash NEEDS (not wants)are of the seller and then use that 1st lien Note to generate the cash that will meeet those needs.
For Example:
$1M Sales price for property
You come in with $100K cash down
Seller agrees to hold $600K 2nd lien with repayment terms to be negotiated between you and the seller
Seller also agrees to hold a $300K 1st lien which can be structured to be SOLD and converted into a $270K +/-
amount of lump sum cash.
Result:
Seller gets $370K of cash at the closing (your $100K down payment + the $270K generated from the sale of the $300K 1st lien Note) + Seller also retains a $600K 2nd lien for income
Some variation of this may work…you need to speak to your seller.
Best to your success;
Michael Morrongiello
Author of the home study courses;
The Unity of Real Estate & “Paper”
&
Paper into Cash - The Convertible Currency (how to create marketable Real Estate secured Notes)