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Guest PHILW

owner financing

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Guest PHILW

Help,

 

I'm going to show a property today at 2 pm central time to someone seeking owner financing. The lady is willing to put 25-30k down. The question is if this is doable. I just got the property from my brother whos going through a divorce for 6k down and financed the rest at same interest rate as he has on his existing mortgage. Now can I turn around and finance to her. If so could I also get the loan re-financed and out of my brothers name say after 3 years when the early payment penalty on his loan is up and the ARM takes effect? Any help on this would be greatly appreciated.

 

;):P PHILW

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Guest Darryl Sandoval

What you're doing is called a "Wrap Around mortgage". You gave 6K to your brother & took over his loan. You can indeed sell & create another mortgage AKA Land contract and sell for a higher sales price & payments. You can make the owner financed note or Land contract balloon after 3 years at whicj time your brothers original loan will be paid off. You would keep the difference at closing.

 

 

 

 

 

 

Darryl Sandoval

www.ezreinvesting.com

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