What Kind Of Deal Would This Be?
Guy has a house that needs about 15k in repairs done. After repair its worth 190k
He has a 1st on it with 132k on it. A 2nd with 42k on it.
He is behind almost 3 months on the 1st but current on the 2nd.
The bank holding the first will take 125k and release there lien on the property.
He is working with the lenders of the 2nd to get 2nd's lien attached to another house that he owns and is current and in good shape.
If he can get the 2nd attached to his other house he will sell me the house for the 125k to satisfy the 1st.... this sounds like a high potential profit deal.
Do you think the bank will want the 125k CASH or do you think they will let me finance it? Any advice or tips? If they want cash I can’t do it, but I know of a great lead for someone!
-Ryan
If somebody owes you $132,000 that you loaned them ic cash and not Blue Horse Notebook Coupons and you agreed to accept $125,000 what kind of payment would you want? CASH Right and how fast. ASAP Right. Still sound like a great deal. San you get the money from a hard money lender or somewhere? Try to do it . All you may rsik is a few hundred for the appraisal. You could also keep the 1st in place and possibly pay the back payments and then fix it and sell it
Good LUCK and HAPPY HOLIDAYS
Hope this helps some
Ted Jr
Contact Randy Wilkins. Send me an email and I'll give you his contact info. He has a great program where he will lend 85% of the appraised value regardless of purchase price. This would be a good one for his program.
Does Randy loan in Florida?
Hi Goose_man,
There are small town banks that dont have long underwriting, which can get you funded in 1-2 weeks. I've used them and they are great!
Yes the 1st mortgage will want cashed out and they will give you a short timeline, like 30 days or so. If you get on it right now, there is still plenty of time to get this financed conventioanlly. As long as you get it done on thier timeline, the bank wont care, just as long as they get their money back!
Best of Success!
BAMZ
For everyone else reading this, this is a great example of why you should already know your entrance and exit plans in line before you find that Killer Deal!
It could mean the difference of a $5,000 referral payout, or a $50,000 Profit payout when you sell the house!
BAMZ
Thanks for the replies! I'm looking into several options right now.
But this deal all hangs on weather or not the owner can get rid of the 2nd he has hanging over the property. He is going to try and attach it to his other house.
The balance on the 2nd is 42k.. Any other suggestions on getting the 2nds lien off the property that I could possibly toss his way!?
Hi Goose_man,
Another option is to ask the 2nd if the will release the lein for a discounted amount. This will release the lein from the property. The bank will still come after the seller for the difference, so make sure that they are aware of that!
Just like the first, if the bank is simply releasing the lein for $125K, they will most like still go after the seller for the other 7K. (unless you have another writtne agreement with them).
BAMZ
It turns out the lender of the 2nd will sell the note for 35k. I found someone willing to pay that 35k to buy the note and attach it to the sellers other house.
I also found someone willing to pay the 125k to the lender of the 1st for the property, then they will toss in another 20k for fixes.
I can sell the house for 194k. He will split the profits with me 60/40. I get 60%!
Now its time to get down and dirty and make some $$!!!