I have made contact with a seller that wants to sell all 7 of his properties. I would like to purchase at one time, in one package. Any advice on how to structure the deal?
You are looking for blanket loan..they are almost extinct but there are few banks still doing them. Saves a bundle on closing costs but can create difficulties if you want to sell just one property. [ Edited by commercialking on Date 02/21/2006 ]
I think for helping your friend getting to talk to a mortgage broker and helping negotiate the price, you are getting a great deal. aTH worth 78 for 60+5=65 is 16% off the market price. Considering 6% for RE commision and 3% for closing cost payment you are still ahead with 7% built in equity. To build that equity in some area it takes 2 years.
Moving in while fixing will help you insome cost and a leisurly repair as needed.
You want to make sure about REO repairs are feasible for both of you from cash flow point. good luck
You are looking for blanket loan..they are almost extinct but there are few banks still doing them. Saves a bundle on closing costs but can create difficulties if you want to sell just one property. [ Edited by commercialking on Date 02/21/2006 ]
I think for helping your friend getting to talk to a mortgage broker and helping negotiate the price, you are getting a great deal. aTH worth 78 for 60+5=65 is 16% off the market price. Considering 6% for RE commision and 3% for closing cost payment you are still ahead with 7% built in equity. To build that equity in some area it takes 2 years.
Moving in while fixing will help you insome cost and a leisurly repair as needed.
You want to make sure about REO repairs are feasible for both of you from cash flow point. good luck