I am a new investor. I came across a property with lots of equity (about $520k), but it has loans totaling over $2M. I think the loans are for a business or something else. It doesn't say but it shows up under mortgage on the report. Is there any way I would be able to buy the property and get the owner equity but not have the loans attached to the property?
Here are the numbers:
Original Loan Amount
This is the mortgage history:
|Recording Date||Loan Description||Loan Amount|
|1/20/2010||Home Equity Line of Credit (HELOC) Variable||$200,000.00|
|7/15/2011||Home Equity Line of Credit (HELOC) Variable||$350,000.00|
Probably not. But, If you are into challenges, empty the ocean with a teaspoon. It makes as much sense. ;-)
Well, with the other mtgs, it has No equity.
You are using the term "equity" where it would not apply in your scenario. There is no equity based on what you posted. Looks like they took out a land loan, then a construction loan, then permanent financing, then threw in a couple of equity lines and then got into trouble. Which is where you would be in my opinion if you went down the rabbit hole of pursuing this property based on the assumption of equity.
The "original" loan amount means nothing whatsoever.
Join the Largest Real Estate Investing Community
Basic membership is free, forever.