Updated about 8 years ago on . Most recent reply
Bought with Cash, Sold with Owner Financing. Can I get cash out?
Hello!
I bought a house for $22,500 with cash of my own (since I didn't find a private lender on time) and sold it for $55,000 as-is with owner financing. My plan, BEFORE I sold it was to get a private lender to lend me $25,000 on it, create a deed of trust & note to them, and then wrap that note when selling to my end buyer.
That didn't happen and now I would like to get my cash out of it. Is that possible here in Texas? In other words, can I get a private lender to lend me the $25k to get my cash out, create an interest-only note & shorter term than what I sold it with?
Let me know if my question doesn't make sense.
