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Updated almost 10 years ago on . Most recent reply

User Stats

22
Posts
3
Votes
Alex Langerhorst
  • Specialist
  • Greenwich, CT
3
Votes |
22
Posts

How to structure this deal and finance this property..?

Alex Langerhorst
  • Specialist
  • Greenwich, CT
Posted

Hi,

I recently met a guy through a friend that needs to sell his 2 Family property. This seller is flexible and open for creativity. The seller has a 224k mortgage and that is what he would like for the property. The property was appraised in 2012 for 315k! The rents are below market value and there are 3 garages that could be rented out as well. 

I really would like to secure this deal but i'm running into issues.. 

1) I bought a 2 Fam 8 months ago (main residence) so my mortgage broker said i'm maxed out. Is there a Lender out there that can finance a 2 family not based on my salary?

2) Is it possible to structure this deal different so i don't have to get traditional financing?

If i can't get long term financing i'm even looking for short term financing so i can flip it. I'm open for partners etc.. 

All input is much appreciated!

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