Mixed use property funds. - Posted by Kevin

Posted by jesse on July 13, 2001 at 22:51:06:

if you are in ny i can help. i have a 10-20% down loan that will give you money to rehab.

good luck

Mixed use property funds. - Posted by Kevin

Posted by Kevin on July 10, 2001 at 20:57:50:

I am looking to purchase a mixed use peoperty in a town that I already own 3 income properties ( Great Rentals ), the problem is most lenders require 30-25% down for mixed use? The seller is a woman in very ill health, she is also a realitor. She said the property value is about 200K ( which I can beleive knowing the town) and we agreed at a sales price of 167K with her holding a 2nd mortgage and then releasing it after closing. The problem is that even after that I am still 40-50K out of my pocket with closing costs and down payment. It’s too much! Any idea’s?
I asked the woman if she ever tried to convert the two units downstairs to apartments, and she tried but the town would not let her. I have no doubt that I can get the income up to 3,500-3,700 per mo. based on the other propeties I own nearby. Any advice?