Posted by Chris on August 21, 2003 at 20:26:43:
My exit strategy in the past has been both to refi, or sell. Refi’s are getting tough! They want to lend 75% of the purchase price until you’ve owned it a year! If you can hang onto it for a yr with the present financing in place you are golden. while you are getting that year under your belt you can either rent it or lease option it. As far as selling goes you have 3 options FHA, Conventional or create a note and sell it. Screen people best you can over the phone with an ad that says OWNER FINANCING
small down $550.00 per month. You are going to need soemone with 600 fico or above for all three unless they have major$$ down. I can pull credit from home, if you can’t find a huungry mortgage broker who needs some new business and get him to prequalify your buyers in 24hrs or less. If they have 5% down you can sell the note but keep the note amount over 50K or you are going take a hit on your cash out. I know brokers that will pay 90 cents on the dollar for them with 5 % down. So if you go that route you can close in 2-3 weeks but you’ll only make 12K. If you go FHA there are more hoops, they want to appraisals a scope of work, etc. but you’ll get more but you’ll close in 5 or 6 weeks, and probably pay a few grand in closing costs and prepaids for your buyer.
hope I helped