Initially, I looked at home depot and lowes but I am not sure that is the best deal. 

Let me try this again..Started out with 150k cash in July, purchased a fully occupied 5 unit worth 120k for 100k. It has a 6th unit that needed to be redone from the ground up. We’re about 12k into the remodel and it’...

A) 5/1 ARM – 20-year Term; Up to 30-year AmortizationInterest Rate Options:1) L5 Resi Owner-Occupied 5/1 ARM No Point Rate + 1.00% + 1 point2) L5 Resi Owner-Occupied 5/1 ARM No Point Rate + 1.50% + 0 pointPresently: L5 Resi Owner-Occupied 5/1 ARM No Point Product is set at 2.50% therefore, the CML Non-Owner Occupied 5/1 ARM rate would be1) 2.50% +1.00% = 3.50% +1 point2) 2.50% +1.50% = 4.00% + 0 pointTerm: Max: 20 yearsAmortization: Up to 30 yearsFloor: The initial rate on the transaction will be established as the Floor rate for the life of the loan.Repricing: At the end of the initial 5-year period, the interest rate would reset to the then 1-year T-Bill Rate (Index) plus 325 basis points (margin)No prepayment penalties requiredInterest Rate Repricing Caps: 2% +/- at each change date; 5% +/- over life of the loanClosing fees: Utilize mortgage calculator fee scheduleStandard commercial real estate loan underwriting guidelines are required (i.e.

We initially offered around 5K to fix the repairs in the dining rm which was what it cost to fix the units similarly affected.  

Since it is not an area that people want to stay and its transient most people won't buy initially.

My initial feed back is that my asking price is too low.

Originally posted by @Jay Hinrichs:@Wayne Brooks I second that one Wayne.. anyone who is in this bizz that does not check lien status within a day or so of tying up a property is just going to run into this.Funny thing is that I did my own research initially and missed the second mortgage.  

So in talking to the owner he was interested in doing some type of owner financing and that is initially how we made contact.

since you'll have a much lower interest rate during the initial period meaning less out of pocket and much more of each payment going to pay the principle.

I looking forward to hearing everyone's initial thoughts and more discussions in the future.