First Deal! - 2nd Wraparound?
I bought a house last week for 171k. (first one!!!) the place appraised at 186,500, and isn't in great shape. I have a buyer that wants to buy at 195, but she has bad credit (she had a bankruptcy 2 years ago), so she can't get a loan. My loan on the property is 165,500. I'm considering a 2nd wraparound mortgage, with no down payment, and I cover closing (so she can save her money to do the repairs needed on the property). Is this a good idea? Will I be able to sell this note? I'm doing 7.2%, with a balloon payment in 5 years...
Thanks
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