All Forum Posts by: Jason Schatzberg

Currently residing in a duplex. Owner decided to sell now instead of waiting till next year. I needed one more year of a positive W9.

traditional lenders have expressed doing a Debt Coverage Service Loan. Loan amount 265k w/ 20 % DP  Seeking a lender if anybody knows of one.

"The Can Not" Part is from the impact of Hurricane Sandy financially unfortunately.  I will be able to obtain financing Within 24-36 months. My strategy is Buy & Hold. Not looking to exit. My intentions are to pay down principle during the elapsed time & to show good faith. I would just like to make it worthy for my friend/lender, or other words a no brainer.

First Time Brrrr. Duplex in a c + neighborhood . Bank needs 95 K for the building. Structure needs 70k for rehab. Ist floor is 2 bed W 2 bath master suite & (second unit floor 2 + 3)A Large  3 bed 1 bath. 1350/1500/250 2 Garages)Taxes 4100. Home is an oldie however, with the past three days of rain and standing empty for a year or two, no water, no mold smells. kinda cool.Needs TLC. So into the project for 165-185k. The Finances:I'm looking to obtain $$ from a friend. He spoke about lending to me at 6%. Everything would be in his name because I can not. Than a separate draw account for repairs. What is a proper way to structure the deal with a close friend? He's the bank. What should his monetary gain become, if this would be for 3-4 year terms, has anyone been through this type of deal? Any advice would be greatly appreciated.