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Updated about 4 years ago on . Most recent reply
Seller of an 11 unit portfolio offers to finance 50%
Hey everyone, I have found an 11 unit portfolio in Ohio and the seller is offering to finance 50% of the purchase price (total price is around 400k). I am wondering if any lender would be willing to finance the other 50% of the purchase price. 10 out of 11 units are rented and cash flowing very well! The numbers are really attractive even with both loans. Please let me know how you think I should proceed. Thanks!
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Steve Vaughan
#1 Personal Finance Contributor
#1 Personal Finance Contributor
- Rental Property Investor
- East Wenatchee, WA
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Steve Vaughan#1 Personal Finance Contributor
#1 Personal Finance Contributor
- Rental Property Investor
- East Wenatchee, WA
Unless he is willing to subordinate to a 2nd or you have 50% to put down, this is worthless unfortunately.
A private lender may offer to be in 2nd position for maybe 30% but the terms will be tough.