Putting A 2nd On Sub2 Property?
im in the process of aquiring a rehabb project which im going to take sub2, im looking at 30k in repairs. i want to seek out a private investor who is willing to put up the rehabb money secured by a 2nd mortgage or promissary note. my question is whats the best way to structure this, if we record the 2nd mortgage on title will the bank say "whys there a 2nd in someone elses name" i will be taking title in a trust and will be the trustee so maybe it wouldnt look so bad if the mortgage was for the trustee of the house. or do you think i should just keep it unrecorded if i find a willing investor. any thoughts?
thanks matt, thats the only thing i was worried about.
as for the deal im in at about 50% L.T.V. with over 100k profit after repair, so i dont think that will be an issue.
as for defaulting, if it came down to it i could put up the money myself but would rather not tie up all my funds in one deal, and not be able to do others. i plan on paying a 12-15% interest on the 30k 2nd within six months time, witch is alot better for me then funding the whole thing out of pocket.
thanks again.
is this prop is gaylordsville? is it rainbow colored?
oh go back to looking for lost mortgages!
its lost because i went to the recorders office and cut the pages out. moohaha
im calling the police then
Just wondering if any of you have put a line of credit against a sub-to property? I bought a tri-plex last year that has about 30,000 in equity that I would like to tap. Can it be done?
Thanks J