Posted by JohnBoy on October 21, 1998 at 09:05:09:
Unless you got this property cheap enough I don’t think an 80/15/5 strategy will work selling to another investor. You may not have enough room to work the numbers for this. If you do have enough room to work this, and if the investor your selling to is going to buy and fix up to resell your probably better off by just holding the 2nd for 3 - 6 months until your buyer resells the property. Then you would collect all your money in a short period of time without taking a deep discount on a non-seasoned 2nd.
What are you paying for the property, how much will it cost to fix up, how much would it be worth after it’s fixed up and how much are you going to try and sell it to an investor for?
Creating a Note and Selling it - Posted by Brian (IN)
Posted by Brian (IN) on October 20, 1998 at 21:50:29:
I just put a fixer upper under contract and am trying to flip it before I close. I want to run an ad to catch other investors attention. Something like Handyman Special with owner financing. I am thinking that I will take 5% down, carry back a 15% note and the investor can get a new 80% loan. How do I create the note and how do I sell it?