Posted by B.L.Renfrow on June 06, 2003 at 10:57:04:
You simply negotiate the best price you can with the seller, then get an option to buy at that price. You turn around and offer it to your buyer for as much as he’s willing to pay. The difference, less expenses, is your profit.
If you can negotiate a good enough deal, certainly you could make your $2k target. However, for a mortgage that size, I’m not sure how realistic that is. I once made about $500 brokering a similar size note…but that took me a grand total of about 30 minutes work, so I was happy with it.
Brian (NY)
Help! buying and selling mortages - Posted by phil
Posted by phil on June 05, 2003 at 18:39:12:
I have a couple of questions about buying and selling a mortgage. I’m new in the field and would like to know how the deal would work if I were to buy a private mortgage (not bank owned) and then sell it to a mortgage investor with no money down. I’ve heard that it’s not unusual to make $2,000 on a deal, however I contacted a mortgage investor and they only give up to a $300 finders fee for the mortgage. How do I approach the deal without making just a finders fee? e.i. - buying a private mortgage with no money down for $20,000 and selling it to the investor for $22,000.