Buyer Cash Out At Closing?
Hello, has anyone ever cashed out at closing while BUYING the property and not assigning it or reselling it?
I can get 100% financing, but need to have my car and (if possible) my other debt loan) paid off. This would help me in case I need to pay for having no rental tenants in time.
Maybe a HELOC on the 2nd or a 110% financing deal would work?
Just wondering if anyone had done this or cashed out some other way while buying into a property before.
Colin
Hello,
.
This is what I did.
I took a property Subject To.
I had my lawyer do all the paperwork -the seller and I were both there, and the lawyer represented us both.
I got the warranty deed, filed it at the Register of Deed's office; I then flipped it.
The property was free and clear when I got it.
Now instead of flipping it, I could have taken the deed to my bank or mortgage broker and got a loan (as the property was free and clear), but I just wanted to flip it (if there's a mortgage on your property, then you can do the above as well, and just pocket the difference, effectively "cashing out."
Had I taken the deed to a bank or mortgage broker, I would have refied it, essentially cashing out, but I didn't want to rent it; I could have LOed it, got a consideration fee, and collected rent for a few years, and then collect the difference between the money off the rent, the consideration fee and the sale price, but again, I just wanted to flip it and be done with it.
Thanks,
OTW :-D