How Can I Assign A Deal Where The Seller Will Owner Finance?
I came across an owner wanting to sell a multiunit apartment building that needs rehabbing. His asking price all cash is a bit high. He wont budge. The property fixed up will easily comp out at over 100k fixed up. It needs quite a bit of work at least 35k to 40k. If a buyer would pay all cash, the sell wants to quick claim deed the property leaving the new buyer paying all the taxes in the rears. However, the kicker is that he would be willing to sell the property owner financed for over 50k with a small down payment and a moderate interest rate for a couple of years with a warranty deed. Obviously, this way the taxes in the rears would be covered. And if an investor would except the owner financed deal, they could get a line of credit on the property, fix it up, refi or sell it to pull the profit. My question is. How could I structure this deal to assign the owner finance deal to another investor and get paid? Thanks for your help.
Quote:
On 2006-11-22 12:26, markis wrote:
I came across an owner wanting to sell a multiunit apartment building that needs rehabbing. His asking price all cash is a bit high. He wont budge. The property fixed up will easily comp out at over 100k fixed up. It needs quite a bit of work at least 35k to 40k. If a buyer would pay all cash, the sell wants to quick claim deed the property leaving the new buyer paying all the taxes in the rears. However, the kicker is that he would be willing to sell the property owner financed for over 50k with a small down payment and a moderate interest rate for a couple of years with a warranty deed. Obviously, this way the taxes in the rears would be covered. And if an investor would except the owner financed deal, they could get a line of credit on the property, fix it up, refi or sell it to pull the profit. My question is. How could I structure this deal to assign the owner finance deal to another investor and get paid? Thanks for your help.
Quit Claim Deed
Taxes are in arrears
yyou get an assignable contract w/ the seller for X
find partner/buyer for X+profit
you assign contract to buyer/partner and get paid X
You have now assigned the contract to the other buyer
Did I miss something wrt your question?
I thought that if there was seller carryback, the seller WOULD pay the taxes and issue a warrenty deed?
If there is enough profit in the deal I supposed you could buy title insurance as well.
Good luck.
Please use the members area.