Posted by TRandle on May 18, 2000 at 08:12:45:
It was 2 separate brokers who know and work with each other. The one who did the cashout on the 2nd is about the only guy in town who has access to non-traditional funding sources to be used in traditional-type deals. A week after we bought our house they dropped their LTV to 85% total so it’s a hit and miss scenario, depending on what money is available at the time.
This was not our initial game plan because we never intended to get a loan in the first place. I’ve said before and still believe the “creative” aspect of creative real estate doesn’t really start until you’ve signed a place up and your exit blows up. We were into the property for a good chunk of money (when we didn’t even own it yet) and found a way to get it out. There had been a murder in the house so moving it was a little tougher than we anticipated. I realize the second paragraph doesn’t address your question, but I figured a little background wouldn’t hurt.