Original message
| moseskjp
  |  "POP QUIZ..."
, Wed 2 May 05:12: 
Ok. Here's the scenario:
I want to buy a house & thge seller wants to sell it to me b/c she's too old to ba a landlord anymore. 
- It's approx. appraisal should be ~$50,000 and she wants to walk with $40,000.
- It's in great shape & needs no work that I can see at all.
- She was easily renting it for $650/mo.
So, the numbers are good for some decent cash flow. She doesn't feel comfortable with anything very creative (couldn't even begin to grasp thie idea of CFD), so it looks like I'll have to go a more "traditional" route with the financing on this one. My plan is to snatch it up & re-sell on a L/O.
My question: I'd really like to try to get a little cash back at closing. Anyone have any "above-board" ways of doing this?
One thing that was suggested to me by another investor is to create a small lien on the property (with the seller's permission of course). Then, at closing all liens will be satisfied & I'll get a check cut to me/my corp.
Anyone ever tried this before? Do you think a simple slightly re-worded performance mortgage would serve this purpose well?
Any/all thoughts & ideas are welcome.
Thanks!
...jp
"SW.SW.SW.SW."
[this message was edited by moseskjp on Wed 2 May 05:13] |
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