Hello NARs members,
Can someone please give me direction. I am purchasing a bank owned property for 15,000 cash that was foreclosed at 75,000. I have a buyer that can’t get financed traditionally AND I am charging them 33,000, so I would be the bank. However, I want my 15,000 back. I was told that I can refi, but I can’t refi unless the house is in decent condition, which it is not. It needs work. The RB is willing to do the work. In what order can I structure this deal? How can I go back to my buyer after she has made it habitable and tell her that I want to refi and get my money, and then put it into a trust. Any ideas are really appreciated
The buyers are expected to refi to cash me out in two years.
Fix up should take two weeks.
Highland Park, Michigan
Still not sure what her payment will be, but I’m charging 11.5 interest.
I like your idea about the investor providing cash out.
Thanks for your input.