Posted by Brent_IL on February 15, 2002 at 22:35:29:
The equity given in seven days is not in cash. He gets the owners to accept a note. Then he resells the house on higher payments with a low down payment and pockets the spread. He may keep the monthly income, or find a way to sell the income stream at a discount for a lump sum of cash. If he’s a RE agent he will get a commision, too.
He may own his own home, and a rental or vacation home.
With the rest of his RE purchases he flips the contract. He will not show up on a title search.