Can I Sell A Note I Write To LLC?
OK, maybe this is just a fast way to the state pen, but I have a seller who wants out of their mortgage. They can't Sub2 since they need to be off the mortgage completely for credit reasons to get the construction loan for their next house, already begun. I don't have the credit to get a loan myself.
They''re motivated and willing to sell for $72k (balance of loan). FMV $100k, no repairs needed. What if I sign the Purchase Agreement in the name of my LLC, then flip it right away to me as an individual or another LLC? Then I could do a double close where I'm essentially selling to myself and in the process creating a note that I could sell to a note buyer for cash at the close, which I'd use to cash out my sellers. Then I can sell on CD or Lease Option after the close, and be able to cover my own payments on the CD I'm now paying to whoever buys the note.
When I read that note buyers don't require any seasoning, I got to thinking about this.. I'd obviously lose a few bucks in the transaction, but there should be enough wiggle room for some profit...?
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