Posted by RS on March 08, 1999 at 24:53:44:
This advice is straight out of Ron Legrands course: “Fast Cash With Quick Turn Real Estate”. Offer to simply take over their payments, guarantee their maintenance, and purchase the home for their loan balance. This should work if they have little equity. If they have a lot of equity and need cash, suggest they refinance to get cash out. Tell them not to worry about the larger mortgage payment because you’ll make that too (provided they keep their LTV down to 80 or 90% and provided the mortgage payments are under the amount you’ll be able to collect in rent).
Check out Legalwiz.com for great L/O info and for super contracts. Read every article on this site by Bill Bronchick, Claude Diamond and Joe Kaiser. I can’t think of a better crash course, and it’s free!