Posted by Rob on May 26, 2004 at 09:47:45:
There is a mortgage, but it doesn’t start until 90 days after purchase to make payments, so I have time either to fix it up, repair it, or flip it. Believe me, we pay for this loan, and the hard lender is very understanding. They want us to succeed, so they can continue to loan money to us.
I could have assigned, or double close, but I promised this house to someone.
We are looking at our option. We are getting offer, and I was thinking about how to help this individual start off with a little down, so he can get his feet wet. I am thinking that he can cash my partner out, and give the lender a little more, so that they will allow him to step in. We get the money, and he gets the house for a discount, fix up, and refi. Everyone is happy.
What is your thoughts on this? I am sure you have a better, and easier way to do this. I am working on other deals, and thinking about no money down, b/c the deals are sweet, around 25% off, & 500 Positive. Everyone wants this, but they would have to give me 1/2 of the property, and put up the down payment, and get the loan for this tri-plexs- NO MONEY DOWN!!!
Man, I love this game!!! Helping others, while they help you, lol!!!
And yes, You do have to Love the USA, b/c they give you the opportunities to do this! Other countries, it can be done, but it is more difficult. I will try to do it later, while traveling.