The explanation of how it works is included in that post.
What's not said there is that this is used as a tool for investors as a way to provide owner financing to clients. In exchange for providing this opportunity, we can collect generally slightly higher interest rates on a higher balance that the underlying loan, thereby creating a positive cash flow for the investor. If you are thinking of purchasing a home this way, you should be aware that you will likely be paying a premium for the property, at higher than market rates. If this is the only way you can get financing, it may be a good deal for you. If you can qualify for your own financing, it may be in your best interest to do so. See what interest rate they are offering, and if the purchase price seems fair. Then shop around. The proper course of action will become evident to you is you do your due dilligence.
This is an out of state elderly owner that does not know much about creative financing. He has a newbie realtor that also does not know much, thereby unable to educate the seller.
I had my realtor write up an offer to do a wrap around mortgage. I understatnd it when I read the Carleton Sheets course...it sounds simple enought. My realtor has dealt with these types of offers before and is trying to educate the seller and his agent. I asked the seller to finance at 7% interest.
I wanted to get view points from people that have gotten involved with wraps.
Again, thanks for your input....
This is an out of state elderly owner that does not know much about creative financing. He has a newbie realtor that also does not know much, thereby unable to educate the seller.
I had my realtor write up an offer to do a wrap around mortgage. I understatnd it when I read the Carleton Sheets course...it sounds simple enought. My realtor has dealt with these types of offers before and is trying to educate the seller and his agent. I asked the seller to finance at 7% interest.
I wanted to get view points from people that have gotten involved with wraps and learn your first hand experiences.
This is an out of state elderly owner that does not know much about creative financing. He has a newbie realtor that also does not know much, thereby unable to educate the seller.
I had my realtor write up an offer to do a wrap around mortgage. I understatnd it when I read the Carleton Sheets course...it sounds simple enought. My realtor has dealt with these types of offers before and is trying to educate the seller and his agent. I asked the seller to finance at 7% interest.
I wanted to get view points from people that have gotten involved with wraps and learn your first hand experiences.
try this one,
http://www.thecreativeinvestor.com/ViewTopic26873-19-7.html
Hope it helps.
Jeff
I looked at that web site. Thanks. It only uses the term "wrap around mortgage" once.
Can anyone post their experiences with this?
The explanation of how it works is included in that post.
What's not said there is that this is used as a tool for investors as a way to provide owner financing to clients. In exchange for providing this opportunity, we can collect generally slightly higher interest rates on a higher balance that the underlying loan, thereby creating a positive cash flow for the investor. If you are thinking of purchasing a home this way, you should be aware that you will likely be paying a premium for the property, at higher than market rates. If this is the only way you can get financing, it may be a good deal for you. If you can qualify for your own financing, it may be in your best interest to do so. See what interest rate they are offering, and if the purchase price seems fair. Then shop around. The proper course of action will become evident to you is you do your due dilligence.
This is an out of state elderly owner that does not know much about creative financing. He has a newbie realtor that also does not know much, thereby unable to educate the seller.
I had my realtor write up an offer to do a wrap around mortgage. I understatnd it when I read the Carleton Sheets course...it sounds simple enought. My realtor has dealt with these types of offers before and is trying to educate the seller and his agent. I asked the seller to finance at 7% interest.
I wanted to get view points from people that have gotten involved with wraps.
Again, thanks for your input....
This is an out of state elderly owner that does not know much about creative financing. He has a newbie realtor that also does not know much, thereby unable to educate the seller.
I had my realtor write up an offer to do a wrap around mortgage. I understatnd it when I read the Carleton Sheets course...it sounds simple enought. My realtor has dealt with these types of offers before and is trying to educate the seller and his agent. I asked the seller to finance at 7% interest.
I wanted to get view points from people that have gotten involved with wraps and learn your first hand experiences.
Again, thanks for your input Jeff12002.
This is an out of state elderly owner that does not know much about creative financing. He has a newbie realtor that also does not know much, thereby unable to educate the seller.
I had my realtor write up an offer to do a wrap around mortgage. I understatnd it when I read the Carleton Sheets course...it sounds simple enought. My realtor has dealt with these types of offers before and is trying to educate the seller and his agent. I asked the seller to finance at 7% interest.
I wanted to get view points from people that have gotten involved with wraps and learn your first hand experiences.
Again, thanks for your input Jeff12002.