Assumable Mortgages

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I found a guy with a list of assumable mortgages in my area. All of the homeshave at 20,000 in equity. What can i do with this, How can I make money off these properties? Is my only option ernting them out?

Originally posted by "life19":
I found a guy with a list of assumable mortgages in my area. All of the homeshave at 20,000 in equity. What can i do with this, How can I make money off these properties? Is my only option ernting them out?

Hey Life19 want to know a secret? EVERY LOAN out there is 100% assumable with out lender knowledge or permission. The only ones that may not be assumable are state and federal sponsored loans and those are only not assumable for the first year of the loan.

Now as far as what you can do with those well there are lots of things you can do, lease option, lease purchase, rent them out, sell them, there are almost limitless possibilities. But I would advise you to not do a L/O or L/P because there are a lot of down falls to those and when you have a l/o you run the risk of compromising the property b/c anyone's liens, suits, judgments, etc can be attached to the property. And if you have to evict someone they can claim an equitable interest in the property and if they do that you have to foreclose on the house. There are actually 5 things and if you have any of these 5 things in your lease agreement you can't evict someone.

However there is away to protect the property and stop prying eyes. This is also the only way you can avoid the Due on Sale clause, and if someone tells you that’s no biggy, they never call the note due, they are lying. If you are interested in what I would do with these properties and what my exit strategy is Email me and we’ll talk about these properties.

Travis
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