All Forum Posts by: Mario Jackson

Thanks @Charles Worth

I purchased a Two unit property 8 months ago, that is fully occupied for $18,000 cash. This was my second investment purchase in the last 2 years and now I'm looking to purchase something bigger. My question is does anyone know of banks, financial institutions or mortage companies that will do a cash out finance or a first mortgage on this property for $50,000 or less? I want to use the funds as a down payment on a bigger property with a non for profit agency here in Chicago. Any advice would be helpful. Thanks

@ Troy Fisher

Thanks for that advise. I should have mentioned that, depending on the price of the property, I would be able to give the seller a down payment and look to refinance in a minimum 3 years, while paying the seller a small precentage of the rent that's collected monthly.

Curious? Is it possible to do this or what are the chances of assuming someones current mortgage? If this is possible, where would I start, are there any website that market stuff like this?