0% Down - HELP! - Posted by Rick from Ohio


#1

Posted by Dale on October 08, 1998 at 21:41:03:

Rick, you can call me that’s my pager,sorry,I should have stated that.


#2

0% Down - HELP! - Posted by Rick from Ohio

Posted by Rick from Ohio on October 08, 1998 at 14:11:01:

I have run into an opportunity to buy a mobile home park (which is out of state - SC). The sellers will loan me the down payment, or so they say. I had intended to look the property over this weekend (a ten hour drive), but I kept wondering how the lending of the down payment works?

I discovered CRE a few weeks ago and have already bought and read both of Lonnie’s books, bought Lewis Dickson’s video, and have ordered Ernest Tew’s materials which I haven’t received. And, needless to say I’m driving my wife crazy!

I want to do my first deal so badly I can taste it, but I just got off the phone with a lending institution and they’re telling me I cannot do it with using MY MONEY.

HELP! My wife and I were planning to leave for SC first thing tomorro morning.

Thanks,
Rick from Ohio


#3

Re: 0% Down - HELP! - Posted by Dale (Oh)

Posted by Dale (Oh) on October 08, 1998 at 19:57:23:

They may be going to loan the down payment money in the form of a note or wrap around mortgage. A wrap around is the same as a second mortgage on the property. Just a reminder, be sure and check all the numbers first before you sign anything. Even if you sign a offer to purchase, once they except it and sign it, it becomes a contract and you can’t back out. If you would like to talk further you can call me 513-660-7625. P.S. I’m still working on getting a E-mail address.
Hope this info helps, good luck.


#4

Re: 0% Down - HELP! - Posted by Rick from Ohio

Posted by Rick from Ohio on October 08, 1998 at 20:39:13:

Dale, hope you get this… I tried calling you twice and all I got were two beeps? It didn’t sound like a fax or an answering machine.

I really appreciate your message! I called the party with the park and my wife and I are going to check it out. We are prepared to do nothing as far as an offer or agreement is concerned. I’ll let you know what we think and if we like it I’m sure I’ll be seeking some more assistance.

Thanks again,
Rick from Ohio