Updated about 7 years ago on . Most recent reply
Seller Finance Flip?
Not sure if the terminology is correct here. I'm a wholesaler looking to do my first and we have a lead on a property that I've been working with the sellers for over 10 months now. They haven't been paying their mortgage since before I started talking to them. I have offered to take over the payments, pay the late payments and give them some money to move on with. Numbers are below.
I know it's not a great deal but I really like these people and would like to get my experience boosted for better HML rates in the future.
Owes: 170
Behind: 15
Needs: 8
Rehab: 60
Duration: 3 months, input 9 to be safe
ARV: 315
Am I missing anything? To me, the PP is still 178, I'm just paying 15 upfront.
The fact that i am removing the purchase and the associated HML costs is what I am having a hard time wrapping my head around.
Any help would be much appreciated.