Creative Financing?
Ok guys I need a lil help on this one!
I have a chance to purchase a SFR nice house in very good condition, the owners have a first and a second and basically wants out! They are concerned with saving the credit they have built and just want to be done with this house! They are willing to sell it for what they now owe which is thge 1st and 2nd! it has been appraised for over $50,000 more than what they are willing to sell it for.
Any recommendations on how the best way to purchase it?
Sub 2? Grant Deed? both? Lease?
Is it worth proceeding even with a 2nd?
I am going to turn around and wholesale it
Any and all help is greatly welcomed and appreciated.
are the terms of the 1st and 2nd good enough to do a sub-to, or id a purchase money 1st better?
If you can get the bank approval for the sub-to I would do this as it gives me the flexibility to refinance later.
Worth proceeding? Where are you going to fine 50K in equity. Watch out for any state law that might block this.
ok I appreciate your response as it is directing me on the right path, but what did you mean by a purchase money 1st?
I really want to turn around and sell it to another investor, but I fear that the return might not be great enough for an investor to touch it and for me to make something as well.
Once again, thank you.