Where can I go for financing? - Posted by Rob

Real Estate Investing
1

Posted by Michael Morrongiello American Note on August 31, 1999 at 11:24:35:

Rob:
It sounds like this seller is NOT really that motivated or flexible?

Why not explain to him some of the benefits of structuring your purhase with HIM financing the sale to you. (favorable tax treatment, etc.) and see what his read is on this. It may be possible to structure some owner financing with this seller where if he still wants a signficant amount of cash ALL or PART of the note(s) created can be sold to generate this cash to the seller.

Probe, and see if there is some flexibility or motivation here, if not then Move on…

Michael Morrongiello
Operations Manager

2

Where can I go for financing? - Posted by Rob

Posted by Rob on August 30, 1999 at 17:29:53:

I am looking at buying an 11-unit apartment building, the owner is asking $285,000 and the property is worth around $300,000. I want to offer $200,000 all cash but all lenders I have called want a down payment. I don’t have one. Is there anywhere I can get this type of commercial loan, where my down payment is the equity in the property? Also, what interest rate can I expect to pay?