Help me with thinking outside the box (and earn up to $100)
 

If someone can come up with a solution, and I use it, I'll transfer $100 to them via tilt/stars/or UB.

Well, I just made an offer on a place and it was accepted. I'm minding my own business and dealing with the whole "closing process" on that place when my agent gives me a call.

She goes, "Jared, are you going to be happy with me." She goes on to tell me about the deal. It's a very solid deal. Turns out some guy is "very motivated" to get rid of 4 apartment complexes he owns. It's an all or nothing type deal, and it's not being advertised (aka, only a few of us even know they're for sale)

Simple problem is, I don't that much money on hand. Most of my current cash is going to the place I'm closing right now, and to tournaments in vegas this coming WSOP. So how can I make this work?

A.) Don't go to vegas....ok, that'll raise some of the money, but not close to the total needed.

b.) refinance an exsisting place....I'm strongly considering this. I have over 50% equity in one place, and I wanted to pull some of that cash out anyways.

c.) ask the seller to contribute money to closing costs...I have a phone call into my loan officer right now, I asked what was the max they'd allow the seller to contribute, I'm guessing it'll be some of the costs, but not "that big" of a chunk.

Any other options you guys can think of? $100 to anyone who comes up with a way for me to get a big chunk of the money needed (and I end up using it).

Re: Help me with thinking outside the box (and earn up to $100)
 

Just got ahold of the loan officer, he said up to 2% can be paid by the seller.

Re: Help me with thinking outside the box (and earn up to $100)
 

I would say prosper.com. Just ask for the amount you need for the down payments... and for sure you can get it with an average credit score and good paragraph on what you will be using it for.

Re: Help me with thinking outside the box (and earn up to $100)
 

Have the owner take paper.

Re: Help me with thinking outside the box (and earn up to $100)
 

You have a pretty strong rep on these forums. I presume you have rep on other forums as well. You could ask ppl on the forums to invest in you.

Re: Help me with thinking outside the box (and earn up to $100)
 

[ QUOTE ]
b.) refinance an exsisting place....I'm strongly considering this. I have over 50% equity in one place, and I wanted to pull some of that cash out anyways.

[/ QUOTE ]

If this gets you the downpayment you need, this is the correct play!

Re: Help me with thinking outside the box (and earn up to $100)
 

[ QUOTE ]
Have the owner take paper.

[/ QUOTE ]

This is the play if he'll go for it. No origination or points or closing costs for this loan. Offer your equity in other property as additional security if you have to. If he still balks, offer a balloon payment after 7 or 5 years so he knows he won't have to wait forever for his money.

Re: Help me with thinking outside the box (and earn up to $100)
 

Easiest way *if it's just closing costs you're looking for*

Up your offer to the seller w/ the understanding that he pays the closing costs w/ the extra profit in the deal.

Ship it.

Re: Help me with thinking outside the box (and earn up to $100)
 

Just use your equity in the existing place to pay the closing costs. If I understand correctly that is the what you are trying to do right? GL with that.

Re: Help me with thinking outside the box (and earn up to $100)
 

1. Find out what the minimum downpayment you _need_ is going to be. (i.e. can you get 0% down?)

2. Calculate closing costs.

3. Whatever you were going to offer the seller, multiply it by (100/98). This way, you can get the full 2% out of seller without seller taking a loss. [or, if the seller is that motivated, he may just eat the 2% -- strangely, I'm working on a house right now, and I'm allowed 3% from seller. Not sure if this is a state thing, or what.]
EDIT: The point of this is to basically roll closing costs into the mortgage.

4. Use equity from existing building(s) to finish off whatever's left to pay off.

5. If this is still too much, you can:
- ask for seller financing
- get an investor/investors (here, prosper, etc)

Hope this helps.