Wrap around mortgages
I am looking to purchase a distressed property here in NC. Purchase the property and rehab it for 25k. Property values in the area are in the 65k to 79k range. After repair I intend to sell the property with a wrap around mortgage putting cash flow in the bank. After a few months of receiving the payments I am thinking of selling the note to pull cash out. Has anyone done this and if so how was the outcome......Any advice would be appreciated!