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[Chris&Kez 0]

Good evening everyone!

We obviousley need some help here please.

 

Please post your suggestions, but be gentle, it's been a rough week.

 

There is a relevent post here in this forum I have read which would give guts to this idea...I will go find it in a minute, just wish I could track down the author,( it was a copy n paste from elsewhere) as this is obviousley do-able based upon what I read...anyway here it is.

 

 

We're trying to locate funding for a house, alternativley we'd like somebody to buy this house put it into a trust, and we'll contract to buy it back for the full appraised value at 6% fixed interest.

This will be our family home, so the higher buyback price is neither here nor there from a resale point of view, we won't be reselling anytime soon.

 

At this point it appears that another offer is about to be put forth 1st thing Tuesday morning, so timing is critical.We've been to see the home by invitation from the lady seller and spent 3 hrs with them in the garden sipping tea, it's absolutley perfect.

 

We're able to get all this cash back from our seller to make this work, although he won't carry a note as they have just built a new home and want the 'splash' at close for that , so if we could get the 95% we'd need, we'd use this cashback, to make 18 months repayments in advance.

 

OK, so 95% is alot of dough and you're lost already, but read on ...

 

We would either refinance at this point, or pay yet another 3 , 6 or 12 months repays in advance.

The refinance issue is already taken care of at that point.

 

We cant ( at this point )and dont want to do conventional, but if we do it this way it'll work just fine, as we'd still have some cash over to develop some businesses in the 11000 sq ft of outbuildings on this 3 acre estate.

 

We would lease some of these buildings to local businesses who have already shown interest, including a lady with a small restaurant, and a hairdresser ( there is a mini salon, fully equipped right there on the estate with sit-under hair dryers and bathroom) a welder/s mecahnics workshop, storage buildings with lockable partioning, large farm machinery shed with cement floor and dual side lockable storage areas , several of these buildings have full bathroom facilities ...and we also want to start an internet cafe in one of the other buildings which already has everything it needs, except us !

 

Oh yeah, and there are mother in law quarters to rent out also.( please supply your own mother in law)

 

That said, you can see this will allow the property to repay itself, hence the INITIAL zero down due to self sustaining capabilities...read on, there is cash coming back to you!

 

property is in immaculate condition,2 story, 6 bedroom, and also has 3 separate lots of land on a separate title.

Please just ask, I will send full details with a picture

 

deed to this other 3 lots would be held in trust until the 18 months are up and the next consecutive payment is made.

 

We'd like to have mini storage units built on these lots, have a builder lined up and will quote us at anytime.....We will provide a written guarantee of 50% equity share in this extra project to anyone who does this deal with us

 

The cashout will also allow us to also pay the closing fees as well.

 

thanks for reading, I guess this isn't doesn't quite fit what most of us are doing in here, thought it cant hurt to ask.

The only questions dumb are the ones never asked

So who's in?

 

 

Please reply asap if you can assist and want the property description .

I will actually go ahead and post the pic here now

thank you .

Chris & Kerry

 

Appraisal

308,000

 

replacement cost

463,000

 

our amount required

292600

 

buy price from seller

257500

 

closing costs ( quoted from licensed agent )

3072.90

 

1% loan origination fee if applicable, or put forth for setup of Trust

2920.00

 

our balance of cashback from seller after the above

$29107.10

 

this will prepay the monthly repayments to trust/partner at close from this amount

19 months x $1500 payments

 

including insurance

at quoted cost from seller of $125 per month

taxes are some 970 per yr and paid to date

 

thanks, appreciate your input and suggestions,

Chris & Kerry Mulherin and Family

501 945 2554

[Chris&Kez 0]

ok it didn't load b4, here it is.

There is a 20 x 40ft inground pool behind the fence, with new Mexican tiled patio.