Updated about 8 years ago on . Most recent reply
Paying off mortgage balance
I have came across sellers with the intention to wholesale their properties. The sellers I have talked to had mortgages on their homes. I did not want to touch homes that had mortgages on them. The minute they said mortgage I was too quick to pass on it before even knowing how much they owed. I may have second thoughts about that now. I have been coming up with an idea that may or may not work because I never tried it. I have a few grand of my own money saved up like $6000. I was planning to use at least $3k of that to payoff some debts. I know this may be rare. What if I use my money to pay off the remaining balance on the seller's mortgage to buy the house outright? That is if there is a seller who owes a balance small enough I can pay off myself and is willing to get rid of the property for the amount that is in my budget. Private lenders are usually considered if I cannot come up with the money myself. It is only an idea I have been thinking about all last night. I have not went through with it.