I am looking at a vacant property in my target neighborhood and from what county records indicate, the subject property has been used as collateral for the owner to purchase their primary residence. Provided there is enough equity in the property, I would like to purchase it as either a flip or rental. Does anyone have advice on how I could assist this homeowner in getting out of the property when it is being used as collateral?
Your price needs to at least cover the mtg, same as any other property with a mtg.
Hi Wayne, Thanks for your reply!! so the owner would need to do a refinance with money down (perhaps from the property I would be buying) on his primary at the same time as I would be purchasing the vacant property? Does that sound about right?