How can I structure a deal on a pre-forclusre using sub2 and let the current homeowner still live (rent) the house back from me?
I have a deal I can do but the current owner wants to stay in home. I want to bring mtg. current and the purchase from them sub2 existing mtg. Obviously they cant afford their existing payment so If I bring mtg. current and buy for the balance on their mtg. and they rent back from me for lets say half of what their current payment is, then I’ll have to subsidy the payment. How can I set this up so they can be the renter and I buy sub2 and I still make a profit? Even If I was going to kick them out I dont see how I could rent back to anyone and make a profit. b/c the mtg. that I would be assuming carries a payment higher then I could rent the property for. Is it possible to do a sub2 deal and rent back? I see ads in the sunday paper that say “stop forclosure and keep your home”…I’m guessing thats what these investors are doing…but not sure.
thanks for the help!