I have recently found a very good deal. I have a property that I can purchase right now and the monthly payment (including taxes and utilities) will be right at around 700. I can easily rent this property out for 1100. And that is low rent. Here’s the problem. I currently don’t have enough money to make a down payment on a conventional loan. Any suggestions on how to get the money for the down payment? What options are there?
whatupdawg40
Good to meet you
If you give me about 8 hours of your time I can show you what all this means…
Subject to and Owner Financing Purchase Price: $ ______.00
Buyer buying property Subject to the existing loans in the amounts not to exceed $. 00 and Seller shall finance $. 00, at an interest rate of _______ percent. all due and payable in _____ years following the close of escrow date. The first payment shall be due _______ Days following close of escrow and shall continue every _____ month(s), amortized over _____ year(s) until paid in full and according the terms of this paragraphs. Balance to close, (U.S. Cash, certified or cashier’s check) subject to adjustments and prorations: $.00. TOTAL $________.00 Additional terms of the note are as follows; (i) Borrower will pay a late charge of $15.00 for each and every payment received more than 30 days after it is due. (ii)Privilege is reserved of prepaying the unpaid principal of this note in full or in part at any time without penalty. (iii) This note is subject to Section 2966 of Civil Code, which provides that the holder of this Note shall give written notice to the Trustor, or his successor in interest, of prescribed information at least ninety (90) and not more than one hundred fifty (150) days before any balloon payment is due. (iv) Privilege is reserved and Borrower may, at any time, substitute for the collateral that is security for this NOTE secured by a Deed of Trust. Said collateral shall be of equal or greater value. Value shall be determined by the Borrower. Seller shall execute all documents necessary to substitute collateral upon the request of the Borrower within seven calendar days of request to do so by the Borrower. (v) Privilege is reserved and Borrower may skip one monthly payment for each twelve (12) month period. The mortgage shall be extended one month for each skipped payment. (vi)The holder of this note and mortgage is limited to recovery of the debt evidenced hereby by foreclosure and sale of the property affected by the mortgage securing same. The makers/payors shall not be personally liable for any deficiency resulting from any sale and/or foreclosure hereunder. (vii) If this note is prepaid prior to _______ day of __, 20, then mortgagor shall receive a discount of percent (%) of the remaining balance due. (viii) Privilege is reserved that Mortgagor shall have the right of first refusal to buy this mortgage under the same terms and conditions that mortgagee herein has agreed to sell this mortgage. Furthermore, this mortgage shall not be sold or assigned without the prior written agreement of the Borrower. (ix) The subject mortgage is fully assumable upon sale, transfer, or conveyance of the subject property. (x) The Deed of Trust securing this note shall be subordinate to a subordination agreement which will result in your security interest in the property becoming Subject to and of lower priority than the lien of some other or later security instrument. Subordination agreement shall be recorded and a pre recorded copy of that document is attached as exhibit B. (xi) Each payment shall be credited first on interest then due and the remainder on principal, and interest shall thereupon cease upon the principal so credited. Should default be made in payment of any installment when due the whole sum of principal and interest shall become immediately due at the option of the holder of this note. Principal and interest payable in lawful money of the United States. If action be instituted on this note I promise to pay such sum as the Court may fix as attorney’s fees. This note is secured by a Deed of Trust to
Owner Financing Purchase Price: $ ___________________.00
Seller shall finance $. 00, at an interest rate of _______ percent. all due and payable in _____ years following the close of escrow date. The first payment shall be due _______ Days following close of escrow and shall continue every _____ month(s), amortized over _____ year(s) until paid in full and according the terms of this paragraphs. Balance to close, (U.S. Cash, certified or cashier’s check) subject to adjustments and prorations: $.00. TOTAL $.00 Additional terms of the note are as follows; (i) Borrower will pay a late charge of $15.00 for each and every payment received more than 30 days after it is due. (ii)Privilege is reserved of prepaying the unpaid principal of this note in full or in part at any time without penalty. (iii) This note is subject to Section 2966 of Civil Code, which provides that the holder of this Note shall give written notice to the Trustor, or his successor in interest, of prescribed information at least ninety (90) and not more than one hundred fifty (150) days before any balloon payment is due. (iv) Privilege is reserved and Borrower may, at any time, substitute for the collateral that is security for this NOTE secured by a Deed of Trust. Said collateral shall be of equal or greater value. Value shall be determined by the Borrower. Seller shall execute all documents necessary to substitute collateral upon the request of the Borrower within seven calendar days of request to do so by the Borrower. (v) Privilege is reserved and Borrower may skip one monthly payment for each twelve (12) month period. The mortgage shall be extended one month for each skipped payment. (vi)The holder of this note and mortgage is limited to recovery of the debt evidenced hereby by foreclosure and sale of the property affected by the mortgage securing same. The makers/payors shall not be personally liable for any deficiency resulting from any sale and/or foreclosure hereunder. (vii) If this note is prepaid prior to _______ day of _____________________, 20, then mortgagor shall receive a discount of _________________percent (%) of the remaining balance due. (viii) Privilege is reserved that Mortgagor shall have the right of first refusal to buy this mortgage under the same terms and conditions that mortgagee herein has agreed to sell this mortgage. Furthermore, this mortgage shall not be sold or assigned without the prior written agreement of the Borrower. (ix) The subject mortgage is fully assumable upon sale, transfer, or conveyance of the subject property. (x) The Deed of Trust securing this note shall be subordinate to a subordination agreement which will result in your security interest in the property becoming Subject to and of lower priority than the lien of some other or later security instrument. Subordination agreement shall be recorded and a pre recorded copy of that document is attached as exhibit B. (xi) Each payment shall be credited first on interest then due and the remainder on principal, and interest shall thereupon cease upon the principal so credited. Should default be made in payment of any installment when due the whole sum of principal and interest shall become immediately due at the option of the holder of this note. Principal and interest payable in lawful money of the United States. If action be instituted on this note I promise to pay such sum as the Court may fix as attorney’s fees. This note is secured by a Deed of Trust to trustee of sellers choice
Good Luck
Michael