Possible Deal? Need Advice - Posted by salank

Posted by Phil on July 07, 2001 at 18:53:39:

Is the seller willing to rasie the price and carry back a 10% second mortgage? Then sell you each second for say $20.00? If the seller is creative this deal can work for you if your credit is strong. I have bought 17 properties over the past year and I have brought money to the closing four times.

Possible Deal? Need Advice - Posted by salank

Posted by salank on July 06, 2001 at 14:36:33:

I am new to real estate investing, and would like some input on this package. I have done my own calculations and feel it is
easily done.

6 Condo Units - Sales Price $190,000. (Inline with current market)

Gross Annual rent - $43,560

Annual Taxes and dues - $15,277

I have done calculations on an 80% LTV resulting in a DSCR of approx 1.6:1. Units were built in 1982 and refurbished
in 1996. They are for sale by owner in Texas, but no owner finance.

The catch to this deal is I only have less $5,000 to invest, but have excellent credit. Are my calculations correct? Any
suggestions on financing? Thanks for any response.