Posted by Steve H. on March 14, 1999 at 07:13:05:
Do you have good credit? If so why don’t you just get a loan @ 80% LTV. The interest rate would be a lot less. I need more info. Esp. why are you wanting to do a note like this? A purchaser of the note will want to purchase it at a discount from you.
Steve H.
Need Help creating/selling a note!! - Posted by John_OK
Posted by John_OK on March 13, 1999 at 20:17:50:
I have a 4-plex FMV 130K I want to create a note to take cash out of it. It rents for 1255.00/mnt before expenses.
Please help
John Investor
Re: Need Help creating/selling a note!! - Posted by AJ - Oklahoma
Posted by AJ - Oklahoma on March 14, 1999 at 12:56:26:
I am in the Oklahoma City area. I broker notes and may be able to help you but need more information. E-mail me directly on how to get in touch with you.
Re: Need Help creating/selling a note!! - Posted by Charles - DFW
Posted by Charles - DFW on March 13, 1999 at 22:25:56:
This question is best asked on the other board (cash flow).
I think 18% is a good interest rate, but $105,000 @18% for 30 years monthly payment is $1,582, and your gross rent is $1,255 = -$327 cashflow.
Even at 9% your monthly payment would be @$845 p&i. Add taxes, insurance and expenses, and you are above your $1255 income.
What I think this points out is either the FMV is lower than even $105,000 or the rents are below market.
How did you determine the FMV?
Sorry for the bad news, I could be wrong but from my experience and what I learned on this site, I don’t think I am. Is all the information posted correct?
Good Luck,
Charles
Need Oklahoma/Any Investors!!! - Posted by John_OK
Posted by John_OK on March 13, 1999 at 20:30:36:
I’m also looking for cash investors in Oklahoma or anyone interested in 18% on your money or purchasing property. E-mail me with the info you require before putting up money or the specifics of properties you’re looking for.
John Investor