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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] 1st Step Posted by Ward-CA- on July 28, 2003 at 7:11 PM In Reply to: Help with New deal posted by Danny on July 28, 2003 at 5:01 PM : I have been contacted by an acquaintance that owns a house with his wife in So. Cal. they are going through divorce, he lost his job and are behind 3 months in payments and are highly motivated. They purchased house in 1980. : Balance on Loan 80K : ARV 325K : Repairs 15K : As you can see, they have lots of equity, I am meeting with them tomorrow and would like some opinions on how to structure the deal. I was thinking on getting a hard loan and purchase the house outright, fixing it and selling it and paying off hard loan. Option two would be if they agree to give me a note for the equity I would offer to pay them on a monthly basis for their equity and take over subject to the existing loan. I would appreciate all of the experienced opinions I can get, specially yours Ward, my hero! : Thank you =•=•=•=•=•=•=•=•=•=•= Danny, Figure out the net equity in the property is by filling out the Projected Net Equity Worksheet (see link below). Then get back to us with what that figure is, OK?? Do this first because I want you to know more precisely what the real net equity amounts to before we proceed further. Projected Net Equity Worksheet Follow Ups: 2nd Step Ward-CA- 10:40 AM, 07/29/03 (4) Re: 2nd Step RegW 10:01 AM, 07/30/03 (1) The $122,418 was a given... Ward-CA- 8:02 PM, 07/30/03 (0) Re: 2nd Step Danny 12:45 AM, 07/29/03 (1) One step back.. Ward-CA- 1:28 AM, 07/30/03 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : I have been contacted by an acquaintance that owns a house with his wife in So. Cal. they are going through divorce, he lost his job and are behind 3 months in payments and are highly motivated. They purchased house in 1980. : : Balance on Loan 80K : : ARV 325K : : Repairs 15K : : As you can see, they have lots of equity, I am meeting with them tomorrow and would like some opinions on how to structure the deal. I was thinking on getting a hard loan and purchase the house outright, fixing it and selling it and paying off hard loan. Option two would be if they agree to give me a note for the equity I would offer to pay them on a monthly basis for their equity and take over subject to the existing loan. I would appreciate all of the experienced opinions I can get, specially yours Ward, my hero! : : Thank you : =•=•=•=•=•=•=•=•=•=•= : Danny, : Figure out the net equity in the property is by filling out the Projected Net Equity Worksheet (see link below). Then get back to us with what that figure is, OK?? Do this first because I want you to know more precisely what the real net equity amounts to before we proceed further. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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