Posted by Sam Chevel on May 08, 2005 at 20:59:07:
Of course it was just a lame attempt at jest. However, it does not make it any less true. You want to get rich on upside down deals? Now you know how to do it.
Is anyone making money on assumable loans? - Posted by Norm MD
Posted by Norm MD on May 07, 2005 at 07:21:31:
We have three “thrifty nickle” flyers that circulate around here. Every week I see at least one, if not two or three, “take over payment” adds. The parks that the MH (sw/dw) are in are renting land from $200-275 a month and the payments run from $300-380 that a buyer would assume.
It erks me that I can’t come up with a reasonable stratagy to simply take-over the payments and make money. We all know the Lonnie deals and they are out there, but I’m looking to see if there are other opportunities that we may be missing.
Norm
Re: Is anyone making money on assumable loans? - Posted by Sam Chevel
Posted by Sam Chevel on May 08, 2005 at 19:54:15:
A good way to make money on these type of deals is to go ahead and buy the home taking over the payments and then immediatly move the home out of state to a private lot you own. Do not make any payments on the home and rent it out. You could probably rent it out for ever and the bank would never if ever find it.
Re: Is anyone making money on assumable loans? - Posted by Lyal
Posted by Lyal on May 07, 2005 at 15:59:18:
Lots of previous discussion on this. We are all approached by people regularly who just want us to “make the payments” (note: this is not the same as assuming the loan as technically, these are not assumable)
Problem is, these people are horribly upside down. What they owe is much more than the home is worth. You might be able to find a bigger fool to buy the home from you but when they bail out, you’re left holding the bag (yes you, not the previous owner as you agreed to make the payments for them).
Check the archives for “take over payments” and “upside down”.
Lyal
Re: Is anyone making money on assumable loans? - Posted by Norm MD
Posted by Norm MD on May 09, 2005 at 04:22:25:
Sure, that is a way to make money, but its not an honest or GOOD way to do it.
Re: Is anyone making money on assumable loans? - Posted by Greg(TX)
Posted by Greg(TX) on May 08, 2005 at 20:04:09:
I hope that is a lame attempt at humor.