Need To Nominate Property For An Exchange
I represent a client in an exchange that must nominate in 22 days and does not have anthing in consideration. Specifically looking for an 8+ cap multi-famly asset in the southeast or southwest. Please let me know if you know of anything. Value add is ok.
Beautiful ypo! Let me make sure I understand you. Are you telling me to purchase the property via lender "A", then take out a HELOC with lender "B"? You mentioned paying off the HELOC, but with what funds?
you can always put your name on the HUD and get paid 2.5% as buyers agent and also maybe 5% for both.
[ Edited by newtree on Date 04/10/2008 ]
Newree,
You have it backwards- take out a HELOC with lender A, purchase the property, then do a cash out refi with lender B based on the much higher appraised value and pay off HELOC and etc.
Of course this assumes you (or your investor) have equity somewhere for the HELOC. Doing it your way would work too, but you would have to wait for the sale to pay back the HELOC.
Chris
cjmazur,
could you please eloborate on your understanding of the RESPA laws?
Here is how we do it:
We get a third party (private money, etc.) to buy the property from the bank. We then sell to the end investor. The profit from the sale funds the fees, etc. b Therefore, you must have a fee agreement in place with the third party.