Real Estate Investor · Coconut Creek, FL · Member since 2013 · 97 posts · 35 votes
I am wholesaler in South Florida.I have a buyers list and some motivated sellers too. I had someone that ask me that they will like to take over someone payments, they are willing to put at least $11K. How do I structure this potential deal? I have been listening to Sean Terry podcast and he mention wraps and taking over with Owner Financing. Please give all tips on how I can make this work?
You probably really can't as a third party without a mortgage originator or attorney. I'd suggest you not attempt to do seller financed deals without professional assistance and that is not from any pod cast, book, guru program or other sources. You can read tons of info here about seller financing, sub-2, wraps and installment contracts, I assure you it is harder to put good deals together than it sounds. My initial advice is to see your attorney. :)
Bill - May I add that the attorney needs to be a regulatory attorney and not just a contract attorney? Further, the attorney really needs an in depth knowledge of federal consumer lending law as well as just state regulatory law.