My First Wraparound Mortgage
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Steve Williams
Real Estate Investor from Columbus, Ohio
posted over 3 years ago
I want to sell a sfh to another investor. It has a $70,000 mortgage at 4.25%. It's worth $150,000 if I don't finance it but I can
probably bump it to $155,000 to $160,000 if I do a wrap. My thoughts are 10% down, 5.25%, 10 years at least. I'm 67 and looking
to create income and defer capital gains. I'm unsure about the term, amortization, and what should happen at the end of it. I would keep paying taxes and insurance since they're already in my payment. I would need to find a creative title company or attorney to
close. Buyer gets a deed. What else do I need to think about? Need input and wisdom here. Thank you..!!