Quit Claim Deed to be used as Creative Financing.
GA BP:
I Guess this would be some kind of seller financing/creative financing and need solid advice.
So I have a seller who lives out of state in Florida and own a bunch of real estate in New Jersey. I've closed one deal with him already via regular wholesale and built a relationship.
He now wants to sell 4 Properties to me using a Quit Claim Deed.
Our Discussion suggests I won't have to pay for any repairs as he is doing that on all 4 properties already, nor pay anything out of pockets.
Combined all 4 properties are worth $580k-$590k and is upside down combined approx $150k.
What he suggests and is looking for is for someone local to take over the properties Via:
-Quit claim Deed
-Get all 4 properties rented.
-Make the Mortgage payments as necessary (He will continue to make mortgage payments until I find Tenants)
- split cash flow with him on all 4 properties.
- Our agreement will run Simultaneously with Mortgage term.
-I can pay off home at anytime or when mortgage term finishes property becomes mine.
*Downside: This will be a upside down portfolio.
Upside: possible can produce some good cash flow and it's no money out my pockets.
Im awaiting all details and mortgage payments.
Thanks for any input.