Hard Money For Lease Option Homes
Can I borrow $75,000 on a $100,000(arv) single family home, agree to 20%($15,000) in a balloon payment in 365 days without any monthly interest payments? Leaseoption the home and pay the lender at the sale of the tenantbuyer property?
[ Edited by theregisterfiles on Date 04/09/2006 ]
[ Edited by theregisterfiles on Date 04/09/2006 ]
[ Edited by theregisterfiles on Date 04/09/2006 ]
Hello,
Thank you for this great question. I buy the $100,000 at 65% to 70% of ARV. We have a ton of equity. I am willing to pay the lender some extra money to extend the loan. The lender may choose to foreclose or better yet I have a quitclaim deed in place. The lender will not loose any monies.
You would do better to use a Land Contract and collect 10 percent down from a pre-qualified Buyer (to almost ensure that the Buyer will refinance and cash you out).
[addsig]
Hello,
Thank you for your help and quick response.
I do--in Philly, the Philly suburbs and S. Jersey....
christine