All Forum Posts by: Don Ellestad

There is a seller who is selling with an assumable mortgage. The purchase price is 220,000. The seller has 150,000 left in his morgage. If I live on the property, can I get a FHA loan for the $70,000 which would be a second morgage?

Thanks for the imput. I usually see Hard Money Loans associated with rehab projects. Do they work the same way if there is no rehab involved? 

Assuming it is turnkey, I will do my due diligence. Thanks for pointing that out though. Also, most of it has been recently remodeled and fixed up. 

I have some questions. I found a 6 plex for $400,000, it is turn/key, fully occupied, and selling about $80,000-$100,000 less than market value because the seller is motivated. The current gross rents are $5,193 per month. The seller doesn't want to do seller financing and I do not have the 25% down payment. My thought is to go Hard Money Loan. So my main question is what would I need to expect, in detail, if I used a hard money loan to finance it and refi-ed in a year?  What would the cost of financing be? Are there any other strategies y'all would use? Thanks for any and all imput!