Wrap around mortgages

[Teddy Patrick jr]

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!

[Bill Gulley]

Originally posted by Teddy Patrick Jr:

This is true. Cash deal with partners. I just need to put it together. If I cant get it sold a few months into the term for a 25% discount I will hold the note......Rinse and Repeat........

Hi, how do you rinse and repeat while having a note on that one, did you need the cash?