Help Me..should I Rent To Own?
Retired gal is selling place for 190K. My bank needs 20% down/purchase (don't ask). Anyway, seller wants to carry payments and not show a big sale (tax or SSI issue?).
Instead of having her hold note for 40k down payment, and I have bank loan for balance.(150)...Is there a good way to have her finance all / or I lease it to own? What works.
I'm a bit confused by your post, are you looking to move into the property yourself or just take control of the property? In either case, you could take over the property subj2. In a nutshell you continue to make payments to the bank on the property and then have a new loan on the property to pay off the loan that was in place. You can find alot of useful info in the Subject To forum. Alot of investors have spend a good deal of time learning these methods so keep in mind that while I just throw this out there alot of people have spent a good deal of time understanding these concepts and what all goes into it.
Ryan J. Schnabel
Yes...I am confusing. I want to buy a condo. I can get financing for 80% and have her carry a note for the down/20% (a down is required by gift or own funds). I will take her funds and deposit in my account and disperse as gift. Then to pay her off the 40K immediately, I get a HELOC after closing. We will be even and I will have my reg loan plus a HELOC for the down (getting in for no money). She owes nothing on the house, so no subject to existing deal. Is this possible?