Dearborn Financing Secrets of a Millionaire Real Estate Investor 2003_8

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Dearborn Financing Secrets of a Millionaire Real Estate Investor 2003_8 137 10 / Epilogue FIGURE 10.1 How I Could Have Saved $1,000 and Made a Bundle $125,000 @ 9% 1st Mortgage $140,000 Buyers Wrap @ 9.5% Investor $15,000 @ 5% 2nd Mortgage SellerWith the purchase price at $155,000 and $15,000 down, I could carry$140,000 at 9.5 percent, which is $1,177 per month. See Figure 10.1. Because the payments on the underlying first and second mort-gages would be at $1,000 per month, I would have $177 per month incash f low. Furthermore, by staying in the middle of the deal, I wouldcollect one single monthly payment from the buyer, a concept that isvery easy for the average person to grasp. Hindsight is always twenty-twenty, but take away an importantlesson here: The more you learn, the more you earn! A APPENDIXInterest Payments Chart 139140 A PPENDIX A Interest Rate Chart Monthly Payment per $1,000 Borrowed Interest 15-Year 30-Year Interest 15-Year 30-Year Rate % Term Term Rate % Term Term 4⁷⁄₈ 18⁷⁄₈ 7.40 4.77 19.56 17.34 4¹⁄₈ 18¹⁄₈ 7.46 4.85 19.63 17.42 4¹⁄₄ 18¹⁄₄ 7.52 4.92 19.70 17.51 4 ³⁄₈ 18 ³⁄₈ 7.59 4.99 19.77 17.60 4¹⁄₂ 1,8¹⁄₂₈ 7.65 5.07 19.85 17.69 4 ⁵⁄₈ 18 ⁵⁄₈ 7.71 5.14 19.92 17.78 4 ³⁄₄ 18 ³⁄₄ 7.78 5.22 19.99 17.87 4 ⁷⁄₈ 18 ⁷⁄₈ 7.84 5.29 10.07 17.96 5⁷⁄₈ 19⁷⁄₈ 7.91 5.37 10.14 18.05 5¹⁄₈ 19¹⁄₈ 7.97 5.44 10.22 18.14 5¹⁄₄ 19¹⁄₄ 8.04 5.52 10.29 18.23 5 ³⁄₈ 19 ³⁄₈ 8.10 5.60 10.37 18.32 5¹⁄₂ 19¹⁄₂ 8.17 5.68 10.44 18.41 5 ⁵⁄₈ 19 ⁵⁄₈ 8.24 5.76 10.52 18.50 5 ³⁄₄ 19 ³⁄₄ 8.30 5.84 10.59 18.59 5 ⁷⁄₈ 19 ⁷⁄₈ 8.37 5.92 10.67 18.68 6⁷⁄₈ 10⁷⁄₈ 8.44 6.00 10.75 18.77 6¹⁄₈ 10¹⁄₈ 8.51 6.08 10.82 18.87 6¹⁄₄ 10¹⁄₄ 8.57 6.16 10.90 18.96 6 ³⁄₈ ...