Posted by TJPickens(MI) on May 30, 1999 at 19:23:58:
Sounds like a job for HARD MONEY LENDER - if the LTV is right. You didn’t give any specifics as to price or FMV. Check with some mortgage brokers about a hard money loan and see if you can make the numbers work.
First creative RE purchase…need advise. - Posted by Bob
Posted by Bob on May 30, 1999 at 15:59:16:
I have purchased several houses, rehabbed and resold them the old fashoned way…bank or private financing. I am ready to take the next step and do a creative purchase but am nervous and want to do it right. The house is a good deal and has an FHA assumable (with qualifying) loan and the seller just wants to get rid of it for what is remaining on the loan. I need help with the forms and structure. I don’t want to go through qualifying for the loan. I plan to do some repairs and have it ready to sell in about three weeks after purchase. Is this a deal that sounds right for a Lease Purchase? Any help would be greatly appreciated.