Posted by Ronald * Starr(in No CA) on September 10, 2003 at 24:43:05:
Have the owner put a mortgage against the property in which you are shown as the lender of $5K. You don’t actually loan the money. This will prevent the seller from cutting you out of the deal.
Then there is a new purchase contract between the current owner and your buyer. Now the buyer’s lender should love the deal. A seasoned situation.
When the sale goes through, you get a “demand letter” from the escrow company or person asking what you are owed. You put in a “demand” for whatever you are entitled to. The buyer and sellers both ok that payment to you on their closing documents. You walk out with a check.
Oh, that last part the is the best part.
Good InvestingRon Starr*