Posted by Ironlung on September 21, 2003 at 22:42:09:
n/t
Two quick newbile questions - Posted by Ironlung
Posted by Ironlung on September 19, 2003 at 18:19:43:
- How is insurance handled…on deals such as Bronchick’s “Lease Option a Junker”? If your t/b causes damage while trying to do repairs, how is this taken care of?
I like the idea of these types of deals; it seems like a good way to get in with little to no money, and there are some areas in my city with a SURPLUS of junkers. However, if a cash reserve is required as a safeguard against damages/repairs during the lease period, this negates the “lil’ or no down” aspect.
- If I understand correctly, the difference between a short sale and buying the mortgage at a discount is that a short sale involves you (the buyer), the lender, AND the seller/owner; while buying the mortgage at a discount basically is just between you and the lender. My question is, what would be the ideal situation for each technique? Is it simply a matter of wanting to own the paper vs. owning the house? How would one (read: a newbie) know when to implement each technique?
I’ve been wholesaling off and on for the last 3 yrs, so I’m not totally “wet behind the ears”. The reason I ask the 2nd question is that since I’m cash poor right now (student loans, medical bills, etc.), I plan to assign/flip some deals to generate more cash. However, I’m a little leary about committing to deals of this nature and having someone else “step in” and possibly not act as ethical as I would.
Any thoughts welcome,
Thks
Ironlung