Selling a Note on property I own - Posted by ArtV

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Selling a Note on property I own - Posted by ArtV

Posted by ArtV on May 17, 2004 at 11:39:32:


I am an investor and have been investing for about 5 years. I have a mixed use 5 unit building. I purchased this building 2 years ago cash. The building is currently worth about 200-215,000. I purchased the property for 50,000 and I put about 20-30k into fixing it up. I then got a 1st mortgage of 100,000 about 1 year ago. I have two questions, I was looking at putting a 2nd mortgage on the property for 55,000 and discounting it to 50,000. I also planned on paying six-months of payments at closing to create instant seasoning. This building has very good casflow in excess of 3800/mth. Is a second mortgage with interest only payments for a 3 year term feasible? I have been reading a gew post on this board and I see that their is not alot of love for ballon payments. So instead I would like to setup the rollover that I have heard some mention on this board. Maybe for an additional year or two for a fee.

So my questions are:

  1. Does this sound like a note that can be sold quickly?

  2. Should I have created a note to buy and fix-up the property when i first purchased it instead?

I ask the second question because I can usually find other properties to purchase like this if I didnt have to come up with a dp and show my credit. i can usually find deals with very low LTV.

Let me know any thoughts…

Re: Selling a Note on property I own - Posted by Jes Phillips

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Re: Selling a Note on property I own - Posted by ActiveREInvestor

Posted by ActiveREInvestor on May 21, 2004 at 17:06:21:

What you are suggesting is not easy to deal with. I am a note buyer and
I would likely suggest something different. It would be expensive.

I take it that you can not easily refinance. Mixed use can be difficult. Is
that the issue here?

Get in touch if you want to explore some ideas. Like I said it might be
an issue and take a special buyer who understand the property better
then the average note buyer.