Updated about 7 years ago on . Most recent reply
*Newbie* Creative financing ideas for first deal!
My co-worker is looking to sell his rental for what he owes on it....125k.......the property needs about 15-20k worth of work inclusive of a new roof. My ARV on this property would be 175k. I have the money for repairs but would like to get into the property with no or low money down. I was wondering if i could take over his mortgage or something like that....but i have little knowledge on how to do that or pitch it to my co-worker. Any creative ideas?
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@William D Banks II You can purchase the property from him "subject to" his existing loan if its a fixed rate. This allows him to walk away and you get what you want.
Setup escrow to handle the payments so both parties have peace of mind.
Good luck