Real Estate Deal Analysis & Advice
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated almost 10 years ago,
How to structure this deal and finance this property..?
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!