iS IT POSSIBLE TO GET A 8 UNIT APARTMENT COMPLEX AT 80% WITH THE OTHER 20% BEING CARRIED BACK BY THE SELLER?
Best ive seen out there allows for a 75% loan and 20% seller carry for a 95%cltv loan, requires at least 5% of you’re own funds.
http://www.paratusgro.com can get you 80-10-10 according to their site. I believe they try to structure deals that allow them to buy notes from sellers. Their minimum, I think, it $500k.
The only “legit” way I’ve ever seen it done is if the sellers 20% second is secured by equity in a property other than the subject.
You might want to ask the seller to deed the property to you on something like a land contract for 60 days, afterwhich, when title is in your name, apply for a cash out refinance. There should be no seasoning requirements with a commercial lender.
Do the math first…if you fall short of your requirements and the seller is willing to take back a second mortgage, then you can do a seller second.
This will, in many cases remove the requirements for you to put money into a commercial deal.
Hope this helps.
So the seller is going to sign over the deed to his property and hope that you can get a refinace in 60 days? puff puff give my man. Just kidding. However that seems really risky for the seller. Have you ever done this?
LOL…Leave it to Chris to say what I was thinking. I don’t see how this could work…especially if financing is involved and title must be perfected.
So…do you guys want to judge me and my responses (while staying poor) or do you want constructive ideas that make money? I can’t believe that on a public venue like this you are willing to humiliate yourselves!!
I’m not likely to waste my time again with your responses unless you really want help without your sarcasm and wise cracks.
You do what you have to, and I’ll keep depositing $50k to $100k per month net into my bank account.
It’s good to hear your doing well for yourself. It is very easy for communications on this board to be taken as slights and it’s a very rare occasion that posters try to insult one another.
The point of the matter is that the devil is in the details. Your suggestion of “effective” 100% financing on commercial transactions is interesting and if this is something you’ve done in the past I’m quite sure that many visitors to this site would be interested in hearing the details. Your experience with such transactions could help many new investors reach the same financial stability you have achieved.
Please continue to share your insight into this and other matters.
I apologize for my comments. I meant neither you nor your creative financing solution any disrespect. I just thought it was such an out there idea that it could have only been conceived in “the circle”. Seriously though; I think the creative ideas that are shared on this board are what keep people like myself coming back and reading and contributing. Please accept my most sincere apologies.