All Forum Posts by: Brian Sorensen

Thanks for the responses!

I appreciate it even if it's not what I wanted to hear.

I'm talking to a lender who is concerned that if he seller finances and if I bring in some hard money for the rest that the hard money lender will be in first position and he will be in second position. If he is in second position and the deal goes belly up for some reason, how does he get his money back or does he get his money back?

Who sells the property? Who determines the selling price of the property?

Thank you!

Thanks Wayne.

Yes. 

The seller wants $115k for the property. He thinks it will appraise for 160-170k.

From seller:

Okay here is an idea proposal: price $160,000 you put $3000 down get a loan for $112,000 being 70% LTV that = the $115,000. We take back a 2nd mortgage for$45,000 with a no penalty for early payment and you buy out that 2nd mortgage for $1.00 in about 30 days after we close..... The payment on 112k loan for 20 yrs at 4% is about $840 month + taxes, ins, utilities will be about $1200 month and income is over $2400 month leaving great cash flow! You have an almost 100% financed property other than the 3k invested! What your thoughts?

if, for example one party does lots of deals with a certain title company and the other party doesn't.

Thanks Rob!

Is it possible to find small multifamily loans that are based on property income rather than owner income?