Stepping out of my comfort zone - Posted by Mike-DFW
Posted by Mike-DFW on May 10, 1999 at 23:11:54:
I have done some wraps and L/O in the last couple of years but now have a situation I need advice on.
A tired landlord responded to my letter and has agreed to the following:
My price 58k
repairs 2k max
market rent 850-900
Here is what I’m thinking. He doesn’t want to do a L/O or let me take it subject to the existing fin. Plus I could use a little extra cash for another project. Can I get a 90% LTV loan and put some cash in my pocket then sell on a wrap or create a note and have a money maker that way also.
Credit is not a problem.
Any other suggestions would help.