Read the Rich Dad books by Kiyosaki and De Roos first. Any training is worth it if it inspires you to step away from the computer and buy some property. Experience with even just one property makes training, any training, much richer because you already have at least a basic context into which to put the new knowledge.[ Edited by loon on Date 06/16/2008 ]
I need an answer.... REAL BAD! At this point, I just want out of this deal. I have tenants that pay on time, but I am not making a profit and I need to off-load this property in Virginia Beach.
Read the Rich Dad books by Kiyosaki and De Roos first. Any training is worth it if it inspires you to step away from the computer and buy some property. Experience with even just one property makes training, any training, much richer because you already have at least a basic context into which to put the new knowledge.[ Edited by loon on Date 06/16/2008 ]
Sounds like you need to have the tenant make the $2500 payment and 1st month direct to the owner.
Have the lease/option with only the tenant/owner.
Have the owner have a money order ready for $1250 at the signing.
This is the way i can see to make this deal work legally. Obviously, you will need to trust the owner will come to the table with his/her piece.
Doesnt seem like you have anything else to do with this deal once the owner leases the place.
I need an answer.... REAL BAD! At this point, I just want out of this deal. I have tenants that pay on time, but I am not making a profit and I need to off-load this property in Virginia Beach.
Get a good mortgage broker first.
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Awesome, LOK...
What can a mortgage broker do for me?
-jugg2000
Find you a hard money lender that can do this.
It would have been nice had you recorded your interest on title when you first signed this. Did you?
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Do you have a real estate club nearby? They may have a HML who does short-term loans to execute double closings.
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