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.
I need help with this question?!!! - Posted by Sandra
Posted by Sandra on February 15, 2002 at 13:12:11:
I ran across an ad that said:
A VA OR FHA LOAN?
I’ll pay full value for your house and give you all you equity in 7 days. Then the agent list his name, company and number.
Then in the FOR SALE SECTION they have ads that say:
EASY QUALIFYING! No credit check, only $900-$1900 down, the area, address, if the house needs work or if it is in move in condition, the same agents name, company and number.
Also, I checked the tax records for this agent to see how many properties does he own or owned and he only owns two. And he does not co-broke.
Can you tell me what is he doing? And how can I do it too.