Posted by Dannyp on January 16, 2000 at 20:55:27:
Check out www.legalwiz.com Bill Bronchick’s site
He has excellent home study courses on the wraps ect.
Danny
Wrap, Land contracts, etc - Posted by Sal
Posted by Sal on January 16, 2000 at 20:10:23:
I posed a similar question in the past but I don’t think I received a clear answer,or at least one I fully understood. My wife and I own several properties. If we sell them with owner financing I’m sure we can obtain a significantly higher price than we could if we required conventional financing. We have mortgages on these properties and would prefer not to pay them off (we want to use the cash to puchase additional investments). What is the best way to sell these properties. If we can continue to purchase properties at a discount and sell at a premium we should be able to develop a good cash flow without being a landlord.
I have done some research on wraps but I can’t find any clear info on the subject. We would appreciate any thoughts or advice. Thanks
Re: Wrap, Land contracts, etc - Posted by Michael Morrongiello American Note
Posted by Michael Morrongiello American Note on January 16, 2000 at 21:56:36:
Sal:
Depending on the nature of the existing financing you have on these properties, their itnerest rates, payment amounts, terms, etc. You can sell with owner financing to a buyer and take back a purchase money wrap around mortgage or an All inclusive trust deed, or perhaps a wrap land contract, etc.
You buyers will be responsible to make payments to you each month of P & I and also taxes and insurance if you choose to escrow for those items as well. You then would have to make the corresponding payments to the lienholder that YOU owe on you debt against the property.
Wraps can work out real well. They do require that Having personally held over 20 wrap around mortgages at one time myself I can tell you that you have to stay on top of the bookeeping.
Best of luck.
Michael Morrongiello
Operations Manager