finally a closing..... - Posted by Laure

Posted by Laure on May 18, 2000 at 05:22:09:

I, personally, don’t get in a sandwich position. I purchase the property for cash with a bank loan. This particular house I bought with no money down, and used equity from another piece of real estate in lieu of down payment.

There are others who post here that could better answer your questions. But I understand, just a good title company would solve your problem.

Laure :slight_smile:

finally a closing… - Posted by Laure

Posted by Laure on May 17, 2000 at 07:44:15:

So, I get all this edumication in Atlanta at the convention, I buy lots of “stuff”, Bronchick’s L/O course is one.

I bought a house and L/O’d it right away. For a year, I have seller’s remorse… I haven’t included enough profit. I paid 51k, and "sold it for 59k. 3k down, With very little cash flow. I’m really wanting these buyers to default ! On the good side, I didn’t have to do a thing to the house.

I took them to my mortgage broker yesterday, and they were approved on the spot. Now I can get on to other deals… but I start adding up the profit, and it’s not too bad for just a year of collecting payments ! I end up with about 9500.00 total from the deal. In earlier calculations, I didn’t add in debt reduction, assuming it would be insignificant for just a year. But it covered my closing costs, which added to my bottom line. One good thing about a 15 year amortization !

We close May 30

Laure :slight_smile:

Re: finally a closing… - Posted by Tony-VA!

Posted by Tony-VA! on May 17, 2000 at 08:16:54:

Good Job Laure :slight_smile:

I have one question for you!. I want to start doing lease options, but, I am worried about the TITLE issue, if you are in a sandwich position and you are not on title. How are you able to close the loan?.
Do you escrow the deed? Any advice would be greatly appreciated.