Original Loans?
How do you find out what is owed on a loan on perfectly healthy properties originating in 06 built in 06, when circumstances in borrowers life makes it imperative to get out of the properties, when there is an agent involved?
Owner extremely motivated to sell in a highly desireable area, and agent has the properties over priced, regarding debt analysis. The new loan would be at $500K, plus the terms .They are off market currently.
I have a lead on a small package, 5 properties in Houston TX. Asking apprx $750K fully occupied. I don't like the the gross cap nor the net income based on the agents asking price. Those go hand in hand.
Have communicated with the agent 3 times, stated that I know the owner is out of state, and found out why owner wants to sell their entire portfolio
I am looking for a cash buyer to do one of a few things:
Outright purchase. My compensation will be considered on both ends if necessary.
Partner with me to flip the paper. Honestly, I think the best way to secure control is to put up the accepted offer price as earnest money fully refundable in a given amount of time. Contingencies are ours to control thereafter.
I want to offer less than the conventional loan amount in cash. This way equity is installed, which can be reclaimed thru refinance, the carrying of the mortgages will pay for the refinanacing, basically becuz the purchase was at a discount in a highly desired market. Plus, the conventional loan amount is still available to a potential buyer
Partner with me on an OPTION TO PURCHASE which we can assign to an end buyer. POF and LOI will secure this exit strategy when the seller is motivated. We can assign an OPTION TO PURCHASE providing the selling party agrees.
My compensation generally falls at least 1% of sale price or assignment price, which is why I am promoting packages.
I require the execution of my CA and NCND agreement that is uploaded here in BP in the Resource Place under Files/Contracts. It is a one time agreement that basically covers all interactions between us.
For the legal thinking people, I use the Federal and State terms of " Implied" and "Expressed" in the 50 States as defined therein.
I release addresses after this is executed. Unless I know you and you have been vetted.
Thing about me is I try awful hard to deliver what I say I can. The deal is on those involved.
I have no track record to stand on, nor a soapbox. Withstand critiques and will question in a heart beat.... I can deliver, and try to make it so.
Looking for the first deal here with so many esteemed players. My current goal is to put REI opportunities on the table, and go on to the next one.
I just posted another one now.
Really need to get back to my own website. Kinda need cash for it tho!