Creative Financing

I was just wondering has anyone had an experience or two with creative financing deals? Seller finance or had the seller go through a down payment assistance program and pay closing cost too? This is the way I know I will have to go to purchase a complex (creatively).

Bruce,

I read your post about creative financing to purchase an apartment complex. If you can find a seller to allow "taking over payments" or assuming the loan, that is often the path of least resistance. Taking over payments or sometimes called subject-to investing is where the seller agrees to leave his loan in place, but you make the payments. You also take title (legal ownership) to the property. Depending on the arrangement, the seller may or may not have equity in the property which directly translates to how big of a down payment would be required.

I just did a subject-to apartment building purchase and the seller had a 3.0% interest mortgage that he left in place for me. Great rate, but I had a fair size downpayment.


Thanks,

Hong Lee, CCIM
Broker
Bridgepoint Investment Group, LLC
12096 Jollyville Rd, Suite B
Austin, TX 78759
Direct: (512) 293-4663
Office: (512) 692-9670
Fax: (512) 686-3045
[email protected]
www.AustinApartmentsForSale.com
www.AustinApartmentForeclosures.com
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Thanks for the reply. That was one thing I did not think about but will now.

Sure. If you need a broker referral to your area, please let me know. I can refer you to another CCIM specialist who sells apartment buildings.


Thanks,

Hong Lee, CCIM
Broker
Bridgepoint Investment Group, LLC
12096 Jollyville Rd, Suite B
Austin, TX 78759
Direct: (512) 293-4663
Office: (512) 692-9670
Fax: (512) 686-3045
[email protected]
www.AustinApartmentsForSale.com
www.AustinApartmentForeclosures.com
Free search for 100's of investment and apartment complex listings.
No login required. Sign-up for free email of customized on and off-market listings.

Thanks Hong, I will keep your info as I am looking to purchase early to mid next year.

Bruce, I'm in the Oklahoma area, if you are looking for deals on distressed properties, I can help.

That would be great Bolaji. I am not wanting to do a complete rehab but looking for master lease deals if possible. My email is [email protected]