Posted by Dwayne on September 23, 2009 at 23:48:25:
Not sure you understand the scenario. Owner has a property that is 50% occupied. Difficult to finance the purchase of distressed property even with hard money. I am purchasing with a wraparound this will leave existing financing in place and create a note for their equity. It is a property that needs to be repositioned and I am planning on using a HUD loan to pay off the original 1st, owners wrap note, and get additional funds for major rehab. Timeline is to acquire the property in lieu of trying to tie it up until HUD loan closes. Thanks for the response but I am closing Friday and already have funding and refinancing in place.
Posted by Dwayne on September 17, 2009 at 21:29:22:
I am purchasing a multifamily property using a wrap mortgage. Would I refinance in six months with the wrap or would this be considered new a purchase because of the owner financing. I am planning on acquiring HUD 221(a)4 financing that will take approximately 6-8 months. The owner is ready to give up possession and control now.
Or would if be better to master lease the property with an option? Would it be any benefit this way?