what would you do on this one?!? - Posted by Matt-MO
Posted by Matt-MO on May 06, 1999 at 20:42:20:
Found a buyer for my rehab. Details: I have $64,400 +/- invested (all cash). Buyer offers to pay my asking price of $78,900 with 10% down but wants me to owner finance the 90% for 3 years (balloon).
I’ve held this darn thing 6 months now…it must go and I want this deal. No commission to pay and a good profit vs. my “average” deal. I, of course, need my cash out to continue doing other deals. I wouldn’t be opposed to taking back a second, but buyer says he needs time to get through education etc… Has parents backing him up (he’s in his 30’s, not 20’s). I don’t want to create a note just to sell it and lose my profit. That wouldn’t make sense. Would a mortgage broker (yes, I’m calling you tomorrow Laure ) cash-out refi this even though I’m selling on contract for 3 years??? I know a bank would have that DOS clause but how about a mort. company? Don’t know how to get my cash out of this thing on this deal!! My brain isn’t working–help!