Posted by Ryan (Atlanta) on June 26, 2001 at 10:56:16:
thanks Tom
but what is subject to ? and how will the land contract be used ? What liabilites were you referring to ?
thanks
Ryan
Posted by Ryan (Atlanta) on June 26, 2001 at 10:56:16:
thanks Tom
but what is subject to ? and how will the land contract be used ? What liabilites were you referring to ?
thanks
Ryan
Structuring Deal ??? - Posted by Ryan (Atlanta)
Posted by Ryan (Atlanta) on June 26, 2001 at 09:18:18:
I want to buy a home in Georgia and I’m trying to develop creative ways to structure the balance of the deal with collateral.
House: $327,000
Earnest: $5,000
Value of area: $375,000 - 400,000
Cash down: $10,000
Lender will only give 65-70% LTV and we need to find other collateral to make up the difference:
We have an exist. home with:
mortgage: $140,000
Value of area: $180,000
Equity: $40,000
Deal thus far is :
327,000
327,000
so
272,000- 228,900 = $43,100 in collateral to be structured
Seller can’t hold a 2nd
What other creative ways can the deal be structured ?
Re: Structuring Deal ??? - Posted by Bob in Atlanta
Posted by Bob in Atlanta on June 27, 2001 at 11:03:44:
Rather than lose the deal, consider getting a partner. Find someone that is more knowledgable about real estate than you and has money to invest. Obviously, you will lose half the profits but won’t have half as much work to do and exposure financially.
Re: Structuring Deal ??? - Posted by TomK
Posted by TomK on June 26, 2001 at 10:27:03:
Here is something that is real creative. Have the seller refinance the house for $327,000 and let you take the loan subject to. Or use a land contract. This allow the seller to get their cash, and you to get in with no liability! It’s worth running by the seller. Goodluck.