Posted by Brian (IN) on April 27, 1999 at 23:05:40:
I just signed a purchase agreement on a single family and am thinking of offering it for sale with 5% down and I will carry back a 2nd mortgage for 10% to 15% depending on buyers credit. I have flipped single families before using L/O’s.
Any comments from people more experienced about the advantages/disadvantages of each method.
- Security on note for the 2nd mortgage
- My rights as 2nd mortgage holder if buyer fails to make my payments.