Jump to content
The forums have been archived and are now read only. Years of great info saved for your reading pleasure. Thank you! Visit us on Facebook: https://www.facebook.com/NakedInvestor/ ×
The Naked Investor Forums
Sign in to follow this  
Jason (AL)

Andrew Ikeda

Recommended Posts


Say I have a seller who has a loan balance of $33,000. The house is worth $50,000.

We agree upon a sub2 deal (I take over his payments).

I offer $4,500 cash along with me taking over his payments.

So, I'm into the deal for $37,500k. (75%)

I don't want to fork out the $4,500 from my own pocket, so I'll use OPM (the bank's) :wub:


Which financing "strategy" would take less time, be cheaper (fees & terms-wise), and be overall the best way to go:


1. I take title to the house sub2 and I refinance for $37,500, or have them to refinance, and then I take sub2. Basically the same thing. I'd rather have them to refiance, then me take over sub2 though. :unsure:




2. I just go to the bank or my mortgage broker for the $37,500.

*I know this would depend on the particular lender I'd use.



Is one or the other faster, cheaper, and/or better than the alternative?


Am I making sense?



Share this post

Link to post
Share on other sites

Hi Jason,



It appears that #1 is the better choice. Have them refinance the property and then proceed with the sub2. As far as the $4500 option, yes, try to use the banks money...maybe you could get a personal line of credit for say 90 days or something like that....depends on your credit score,etc. The best is to get it from a t/b as you already mentioned.


Hope this helps.



Share this post

Link to post
Share on other sites
Sign in to follow this  

  • Create New...