Posted by RichardTX on February 21, 2000 at 17:55:31:
I’m a neophyte to the note brokering biz, having yet to find and close my first transaction. My “intended” and I were visiting open houses to distribute business cards and flyers, and saw an “adult tree house” (decks, tri-level, pool, hottub, 2BR, fantastic kitchen, etc.) near a major university (limited downside exposure??) for $144.5K. Owners’ reason for selling - they now need a single level home while caring for 90 year old mother.
We are now an “item” and we love this house. Perhaps we can “partner” in a businesslike transaction such that if for some reason we don’t become a onesome, it’s still a good business partnership. Her house, free and clear, has FMV $115K. Mine is $45K FMV with $36K lien. The three equities could be pooled for a low ITV new private mortgage, I think. Considerations, of course, include harmonious partnership terms, and the scheduled release of liens.
What are your thoughts, Fellow Investors?