So I am new to Real Estate and always looking for unique ways to make money.
A good friend of mine messaged me with a “special circumstance”.
What would any of you do in this case?
Would you do it, what terms would you do it under, and how would you fund it considering it is outside of your personal niche/goals?
This is what he wrote:
To give you a basic idea of what's going on, I'm dealing with some shady **** with my current lender which has put me in a tough spot. I need to get out from under them before march before I lose all my equity.... but due to the fact I just went thru chap. 13 I cant refinance until sept. 2020. We qualified for a fha loan but my current crooked lenders wouldnt cooperate with a payment history so that fell thru at the last minute. So I'm looking for someone to purchase my house for 75k, rent it to me til September and then sell it back to me for 100k. Once I can get my loan.....or until we sell it. I have contacted a realtor and they said they could get 181k out of it but that requires more time than I have.....thus the search for someone who wants to invest in me that I can trust not to run off with the house. Just chew on it and when we chat I can fill you in on more details.
Is this legal, and is it worth 200.00 per month cash flow and $25,000 in Sept. 2020?
Doesn't sound legal, it sounds like someone trying to hide their assets from bankruptcy court.
@Chris Hansford . Oh yeah, it definitely the lenders fault this guys got problems. Amazing how it has nothing to do with his not making his payments.
This doesn't sound legal and will probably get you in more trouble. If the court found out about this there would likely be consequences. You will be hard pressed to find anyone to do this.
@Aaron K. The more I read it myself the more I see that too...