Posted by SCook85 on December 30, 2000 at 09:21:02:
George,
Yes you can walk with cash at closing. I have done it, and lately have been specializing in putting together such deals for investors here in the Baltimore area. I can only pull these transactions off with private money lenders.
You do need to buy the homes at very low LTV’s to be able to pull this off.
Hope this helps.
Steve
Cash out at closing - is it possible??? - Posted by george from raleigh
Posted by george from raleigh on December 29, 2000 at 16:32:29:
I have heard that if there is sufficient LTV in property, it is possible to actually get cash out of a property; sort of a “no money down turbo-charged”! If, say, I have a property appraised at $85,000 and I can get a first mortgage for $50,000. Owner will take back second mortgage on good terms, $40k @ 8%, 30 yr payout with five year baloon. I give her $40K cash, she has the second for $30K, and I get $10,000. The property cash flows just fine; one unit rents for $600 per mo and the other rents for $350. Any thoughts, anyone?
george