Im working on a lease option right now with a motivated seller.There is problem though the house is worth 215k but, they have 2 loans the first one being 177k and the second one being 25k for a total of 202k.These people are really motivated and said they would let me have the house for the first loan balance.There payment on the first mortgage is 1150 a month and the total between the two is 1300 monthly.

But stillI can not refinance, I can not get home Equity line of credit,(because banks don't give on investment properties any more even on the ones that I don't have any mortgage.I can not declare any of them as second home because all of them occupied and I live close by (according to guidelines) I applied refinancing for one of the properties that I don't have any mortgage on.

Second, the premise behind loan modifications are that people can afford a lower payment.

What are the MN redemption rights for second mortgage holders?

I paid $48K for one and $52K for the second one.

We are looking for a second house and trying to decide on the type of loan.

I am not saying we should settle for second best but are we at the point of no return?

For example, my father rarely had milk or cream in his bottle as a baby - he had black coffee.

But, most folks will have a mortgage on RE, so lets assume a payment on a 7%,30 year note:Payment: $299Cash flow: $251/month, or $125/unit/monthLooks like a good deal.The second one has estimated NOI of $683.50/month, cash flow of $384 or $128/unit.

Hi Mike,You've got a lot in the way of questions so I'll take the first one and leave the others for another investor to answer.With a contract for deed you're entering into an agreement with the seller to purchase their property under whatever terms you're able to agree to.Pretend for a second that you have a house for sale and I agree to purchase it under the terms of a contract for deed by making payments of $1,000 per month for 10 years.