Need Advice On Deal With Lots Of Equity
How would I work a deal that has significant equity? Should I try to find a partner? It is a high end luxury home and I would not be able to afford the down payment, etc. Owner is offering financing. I really need some advice on the best way of working this investment. Thanks!
i think u'll need to give us more specifics b4 we can comment!
[addsig]
Yes, LN, we need the numbers you are looking at as far as purchase price, rehab costs and any other out of pocket expenses, what your plans are for the property, what the seller is offering in terms of financing, what the property is worth, etc. :-o
Haha I would love to but it seems that every time I include the numbers they call it "advertising"
Before you decide on "buying" a high end luxury home,have you thought of your exit strategy? You cannot just flip this type of property to any investor. You have to find your end buyer thro focused means. Be it thro the members of some exclusive country club or association of doctors or lawyers or any organization which has high networth individuals who can afford a 3 mil dollar house.
Other way to go about selling is thro an auctioner. You need to find your exit strategy first before you try to raise money for your down payment.
I hope this makes sense
Good Luck with your investing!
Come on now. Every time?
Your post says that you've done a total of 3 posts.
Dont provide address or personal information, or make it sound like you're trying to get a partner from TCI.
Just give the numbers. Fair Market value, Minimum seller will accept, Is the loan current? What are the payments? Etc. Then maybe we can help you.
Jeff
Hey Jeff whats up? I definately see what you are saying. Once I get more into this, I will add my address and personal info for the world to see. At the moment though I am just trying to stay low key and read as much as I can. FMV is $4.1 mil and seller wants $3.2 mil. Appraisal is from 2004. Loan is current but would be paid off after sale so the seller continues to state that they would need me to come to the table with financing in place or for 3% down they can 100% owner finance it.
Thanks again for the help guys, and the post where I said they kept deleting all of mine was meant to be more of a laughing matter, not in any way trying to disrespect the site or its moderators.