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Opportunity to buy with 0 down
My Landlord wants to sell my the building I live in. It has one apt. where I live and two stores below. Highway frontage in Toms River, NJ, great building. Price is 525K.
He will hold the mortgage for me, no money down. Income from property is about $3200 a month, mortgage payment would be around $2800. Having to add taxes, utilities, insurance, etc. How can I make this work? Is it possible? Not looking for major profits, just want to gain equity and have ownership for my future. Credit score is 718. Any advice or ideas would really help me out. Thanks Gary |
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Nice opportunity but how well do you know this man? You will have to get an attorney busy on this transaction, have a title search, etc. Make sure everything is above board. I know it is an initial outlay of your money to investigate, but it only seems like good business practice to do so. At what interest rate is he holding the mortgage ? That may be the kicker as well. Tick |
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The payment was based on 5.1%. He is a good guy and wants to help me. I am a general contractor and do work for him. He gives me referrals all the time. I also work on the building, so I know its in good shape. I am worried about not being able to afford the costs. If he holds the mortgage, do I OWN it as far as equity loans, collateral use etc? |
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Ok, lets say one store moves out and it takes you 6 months to find another renter, do you have the personal funds to keep paying. Lets say the air condition unit goes out in two weeks, can you replace it it needed that same day Is it up to all city codes, it is handicap accessible, ( things that can cause major money issues fast) What are the terms of the renters leases. Many, ( many) of my rentals set empty 3 to 6 months out of a year till I repaint, repair all rental damage and more, so be sure you figure in fix up and empty time. Also I was always told if a deal is too good, there is a catch. Is it a ballon loan ? Have you had the busilding appraised to see what others in area are selling for Have you had an inspection to see what roof, electrical, plumbing, foundation and more are like |
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