I Need A Creative Solution - Posted by Jerome-Tx

Posted by Michael Morrongello on July 15, 2003 at 17:48:16:

You and I discussed this file previously. Have her deed to you and also Finance you by carrying back a “wrap around” Deed of Trust & Note.

You will then pay her and she will then pay the underlying 1st lien. With the right structure of this “wrap” loan - you can have long term permanent financing in place on the property.

Then after a few months of proving yourself as a payor on this Note, she can elect to SELL the Wrap around “paper” and from the cash proceeds derived from its sale, simply pay off her existing debt against the property.

To your success,
Michael Morrongiello

I Need A Creative Solution - Posted by Jerome-Tx

Posted by Jerome-Tx on July 13, 2003 at 16:24:01:

Here is the situation, fsbo is willing to deed her 5 unit bldg over to me for 38k she is willing to take 15k up front and 18k on term @ 400 mo. The property bring in 2400 a month gross income and 1200 after expenses.The property is value at 135k with a 1st lien of 87k. All I can think of is to create a note higher than what she is asking secure by my home mortgage sell at closing pay her off and make payment to a note buyer. Any suggestion will help.