Posted by christina on March 23, 2006 at 24:46:32:
you could do both options. i do deals like this all the time . i hate typing so if you want you can call me and i can tell you how to structure it. 925-382-5515
Posted by christina on March 23, 2006 at 24:46:32:
you could do both options. i do deals like this all the time . i hate typing so if you want you can call me and i can tell you how to structure it. 925-382-5515
Private money lenders? - Posted by Stephanie
Posted by Stephanie on October 04, 2005 at 15:43:47:
Hello Folks…
Here is the scenario…
There is a home for sale that I would like to have for my famiy residence. The couple is going to get a divorce in the property needs cosmetic work, thats about it.
We had to file personal BK a year ago. We are on the straight and narrow with our finances again and would like own instead of rent.
Could I…
Use a private money lender to put up the down payment money and a little for the cosmetic rehab, then have the sellers hold the first mortgage. If I did that for 12 months would a traditional lender look at this as a refinance and make it easier to qualify? Then cash every one else out and pay them off.
Or… could I do the same scenario but find a lender that would do a refi with no seasoning. Although I know that those are harder to find. I would prefer that route because the private lender money is going to be expensive.
Any thoughts?
Thanks
Stephanie
get more info… - Posted by lukeNC
Posted by lukeNC on October 04, 2005 at 18:23:17:
I’d talk with the owners some more…whats their financial situation here? did they file bk? are they going to? what kind of equity is there…What do they want out of this?
Once these are answered some of the ol pros here can really help you out…
Re: Private money lenders? - Posted by Scott(CA)
Posted by Scott(CA) on October 04, 2005 at 16:56:37:
You would probably have a tough time getting private money for this deal.
Have you looked into conventional financing?
Scott
Re: Private money lenders? - Posted by Patrick S. Lawson
Posted by Patrick S. Lawson on October 04, 2005 at 16:08:32:
There are banks that will finance you even with the BK a year ago. Has the BK been discharged?
If the BK has been discharged and you have reestablished good credit lines you could even get an FHA exception.