Good News!! Now What?? - Posted by Larry(MO)

Posted by Bud Branstetter on April 21, 1999 at 02:47:15:

Did you buy on a wrap or contract? If you bought it before why not buy your own note. You can do a simultaneous close and flip. How long before you can get an occupant in there and and get an appraisal? The best situation would be to find and owner occupant and sell a first lien if you have to to fund the deal. What is the underlying payment terms?

Good News!! Now What?? - Posted by Larry(MO)

Posted by Larry(MO) on April 20, 1999 at 19:18:41:

1 month ago i bought a house here in missouri no money down 300.00 a month. the house was only 13400 and im in the middle of repainting cleaning up and general minor rehab and was in the process of renting at a break even situation for a little while or selling on a note for 18-20.

The seller called me this morning. Seems his sons dozer broke down and he needs 4200 to bail his son out.

He has a bank note for 6600 and for a total of 10800 i can step into a much better situation.

Do i need to tie him up with another contract with 30-45 days to come up with the money before he changes his mind?

If financing falls thru will i revert back to my existing contract?

Can i do a flip and simultaneous close on this?

I am also looking for some quick money on this deal. any help would be appreciated.

Thanks in advance. In the woods of Missouri Larry