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pwhatley
Unregistered User
(4/20/04 5:22 pm)


 Apt Purchase
I'm looking at purchasing a 4 unit apartment, the cost is $195K. I've ran the numbers and there is definite positive cash flow assuming worst case. I have great credit and a substantial income. But I don't have 20 -25% to put down as my bank wants. Any suggestions on how to finance this property?

thanks

Jay Compton
Registered User
Posts: 109
(4/20/04 6:06 pm)


 Second Mortgage??
Will the seller take back a 2nd for the remaining balance? If you're willing to pay almost $50k a unit, they should really consider it.

Ask the seller to hold a second for the remaining balance for a period of five years with a balloon in the end. Now they probably will not go five, but might come back with two years...At that point you can refi and pay them off.
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