Posted by John (OR) on February 24, 2005 at 18:27:39:
Seasoning (how long you have to own it) can vary from 0 months to 12 months. 6-12 months being pretty common.
OO financing is less expensive as there is less risk to the lender the NOO. If your brother moves in he will be on the title. The lowest credit score will matter. You could also make him the sole owner with you holding an option for your interest. Lots of possibilities.
John B. Corey Jr.
Chelsea Private Equity LLC
Partial owner financing Question - Posted by Matt
Posted by Matt on February 24, 2005 at 15:54:45:
I have a possible deal on a two family. I can buy for @ 250k. The ARV is @ $300-$330k House needs minor rehab. I’m not sure if I want to keep it as a rental or sell, so I want to be prepared
If I take over the owners mortgage($190k), and the seller gives a second mortgage for $60k. How long do I have to own the property before I can refinance and cash out the seller of his second mortgage? I could do the rehab within 1-2 months.
Also, would it make a difference with re-financing if it is owner occupied or not? If so, I could partner with my brother and he would live there if he had to.
Thanks