All Forum Posts by: Josh Randall

@Jon Holdman

Thanks for the answer. What I don't understand is if the property appraises for $30,000 and the seller contributes $3,000, which would be half of the 20% down payment, and I pay the other half there is still 20% equity there, right? Isn't that what the lender cares about? What am I missing?

Is it possible to structure a deal where the seller contributes toward the down payment? For example, rental property purchase price is $30,000. Lender requires 20% down. Assuming the property appraises for $30,000 could a contract be written asking the seller to contribute $3,000 toward the down payment. I'm not talking about raising the selling price to $33,000. I'm talking about the seller walking away with a net of $27,000.

Please explain why or why not?

Thanks

@Joshua Dorkin

It's working. Thanks!

It doesn't seem to be working.

@Michael Smith

I've been to the Brevard chapter meeting of the Central Florida Realty Investors association (CFRI.net). It was good, but I haven't had time to go back or go to the main meeting in Orlando. It's free for your first meeting then $150 per year. The Brevard meeting is the third Tuesday of each month.

Mine doesn't show up either. I just looked at every one of my collegues and a company name doesn't show in any of their profiles either, including @Joshua Dorkin

Priscilla Z,

Oh yes, the almighty letterhead. That certainly guarantees you're legit. ;)

Good luck with the rest of your transaction.

Bill Gulley,

I've already spoken with a loan officer at BB&T and she said they will do a loan at that amount. In fact, she said they'll go below 20k. They are the only lender I could find that would go that low though.

Thanks

Bryce Y.,

I forgot to mention it has a flat roof. And this is Florida so hurricanes are a major factor.

I've received two quotes so far and they are both pretty close.

Yes, lol! :)