Posted by Christian Beebe on August 29, 2003 at 16:55:37:
The second was for only home improvements. Would it be possible to purchase the home for the total of the 1st and 2nd ($62,000) then go to a lender and get a home equity loan or line of credit to which I could write them a check for $60,000? Buy purchasing the house for the 1st and 2nd, I would be reducing my payments dramatically since the 1st was a refinanced 10 year loan. I figured that way, my payments, even with line of credit would be under $1000 a month easy, I would still have 20k in equity, and the property could be lease-optioned easy.
Just curious, tell me what you think all, am I thinking correctly?