Another Tax Lien Opportunity?
Hi team, I'm sorry if this has been discussed but I can't find anything on it. I had an interesting thought about how to assist people with liens on their property.
Let's say I'm a cash buyer, instead of asking if they'd like to sell their property, what if I offered to pay their liens for them, but I get a (small) percentage of their equity?
Example, $100,000 of equity, but they have a $10000 lien. I'll pay their liens off, and they'll pay me 3% of their mortgage. So they're equity goes from $100,000 to about $85,000 and they get to keep their home?
Why not cash out refinance if they're going to use equity to pay off their liens? Either they don't know, or I can convince them my 3% is going to be cheaper than closing cost on a refinance, which is usually true.
Anyone have experience doing something like this? Also, can anyone help me figure out what a good script would be and what type of contract would be used?
Thanks team, I look forward to hearing from you.