OfflineHi there Everyone,
I have a seller of a home that he is currently renting out. He has a good tenant but needs cash right now.
The house appraises for about $210K and he put $90,000 down a couple of years ago.
He needs cash now and is willing to let the house go for only what he put down, $90,000. This means that someone would have to take over his current loan and give him his $90,000.
Does anyone have any thoughts on how I can make this lucrative? The home is in a lovely part of southern california.
Thanks,
S-Mack
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You need to know how much he still owe for the property, what's the interest rate and how long. If the property is already paid in full, I think it's a killer deal. Blessings to all. LA
Everytime you repeat the words "I CAN DO IT" with conviction, you cancel or override your fear and increase your confidence. By repeating this affirmation over and over, you can eventually build your courage and confidence to the point where you are unafraid. -Brian Tracy-
Okay, so now the guy says he really wants to refinance. Here are the details:
1. Beautiful 5-Bd home in Menifee, CA (near Lake Elsinore). Appraised value $210K.
2. Good Tenant paying $1750 month
3. He has unfavorable credit and has a hard money lender.
4. The hard money lender's contract calls for payment in full in 6 months.
5. Payment amount is $116K and interest is at 14%.
What the owner wants to do is find a source to refinance at a fixed term and get some cash in his pocket to pay down credit card debt. He actually can't sell the home because it is in a trust.
Any thoughts out there in DG Idea land??