Help Lol
My problem is that I am interested in making a purchase of a piece of property that has many rental houses on it. In this case I need to get a very big loan and i have no money for a down payment. How should I go about this. It is a very good investment and i dont want to lose it. Thank you for your help. John
As far as I can see you have three options. Leverage other assets you have to obtain down payment, talk seller into financing deal, or take on a partner with the down payment money.
These are of course obvious; I would be almost as interested as you in hearing any other possibilities.
Chris
Thank you for your options. I have looked for a partner, but have not had much luck. The property is 599,000. It has 13 houses on it and 51 acers being rented each year for 130 an acer. Cash. All of the houses are rented at one year contracts. The rent is 5200 in all, for a month, so this would over and above takeing care of the payment of the property. I think I am going to have to watch it go bye though, because 20% down is alittle to much for me right now. lol. I just starting out and that is a huge and dangerous start. Thank you again. john
wow that is one that I did not know. Thank you.
My interpretation was that the $5200 was more than enough to cover the mortgage, not that it was in addition to the mortgage. I understood that the total rents for both houses and land was $5200 a month.
Of course if commercialking is right and there is $5200 in addition to the mortgage payment, then this would look to be a stellar deal-
Chris
Chris, you are correct. Only $5200.00 total monthly rent.
yes you are right 5200 a month rent and then 51 acres at 120 an acre rent for a yr.