Updated over 2 years ago on . Most recent reply
Taking over a loan
The Robuilt email today talked about acquiring an STR without any money by simply taking over the existing note from the owner.
I can see some people going for this if they are in a bad situation and need the money, but I doubt someone asking double what they paid in 2021 is in such a situation.
But what about sweetening the deal by offering to maybe doubling or tripling their equity in addition to taking over the loan? They get to double/triple their money (minus the interest/taxes/ins they've paid) and I get a low interest rate mortgage at pre-insanity prices? Then we avoid closing cost and such too.
Most Popular Reply
@Vincent Samaha
Remember that when you take over somebody’s loan, it still shows up on the credit report.
so if they want to sell a house, they typically also want it off their credit. I typically only see these type of deals with people who have a lot of money or are in financial trouble .
- Chris Seveney
