Hello everyone, newbie here.
I need an outline, a-z, in aquiring a property with owner financing and walking away from closing with cash in my pocket.
I’ve read a ton of books on real estate investing but as many of you successful pros know as a beginner you get stucked in the clutter of information with no clear guidance. Please help me. Thanx.
Ps. I’m in NJ
use a private lender to secure a second loan against the property. have the funds delivered to the closing attorney prior to closing and released once you have title.
I did not intend to apply for any loan on the property.
Instead, I’ll do subject-to.
So my question is, how do I structure the deal so I can sell the property
to a buyer and get paid legally?
or am I missing here?
Don’t I have to be on title to be able to apply for second mortgage?
place the title in trust, make your self or some you’re comfortable witht the trustee. Sell the house, pay off the existing liens and the seller. Pocket the profits at closing
Can I use Land Trust in NJ?
And do I also get power of attorney?
Thank you.
Hey Hassansr, thanks for your response, but could you explain a little more about doing a second mortgage? I appreciate it.