my buyer needs financing - Posted by Paul_MA

Posted by terry on July 11, 2001 at 11:01:02:

Why dont you take a note for 25% take his 10% return 5% to him at close for fix up,he should be able to get 70% loan so in reality he only puts 5% down but you know he has the money for repairs this way because you return the 5% to him ,he should be able to get equity loan after fix up ,so you could do a very short term note for your 25%

my buyer needs financing - Posted by Paul_MA

Posted by Paul_MA on July 11, 2001 at 02:23:01:

I bought a 4 unit with intent to resell in Mass. I found a buyer that has 10% down, but he needs to find a funding source. He probably won’t owner occupy it. This building needs minor renovations. All the systems are updated, right up to the smoke detector wiring and could probably get lead paint certificates. It will probably appraise at 30-35k in its current condition and would require under 5k to repair. Market value after repairs is 55-75k.

Just thought I’d throw this one out there.

Paul MA