Hello, I am interested in purchasing a home that is forclosed on, and bank owned. I currently have an open mortgage on the my primary residence, so I cant get a second mortgage. The home is question is going to be 180-200k. In return for getting the mortgage and paying half of that mortgage(about 1k/month) I would be willing to give a %100 return after 18 months. So basically I will do all repairs, and pay any other costs, and all money that is put out of pocket by the investor will be returned with %100 interest.( 18 months = 18k, so after that 18 months, 36k will be returned). If anyone is interested or knows of a company that does this sort of thing please let me know. Thanks
Ernie
Sounds like you may of found a great deal. I love to see people making deals in this economy. No matter what anyone says I think this is the best opportunity to invest in the last 10 years. I may know some people that would be interested. I have several questions just to get started…
- Where is the property located?
- What is the actual purchase price?
- Do you have the property under contract and when is the closing set?
- How much money are you putting down? If I understand correctly you are going to borrow money off your primary home and to buy the property and you are $18K short to make the purchase or do the repairs is that correct?
- How much total money would you need to borrower? (is it $18K total from outside person)
- Why do you need the money for 18 months? Right now we see the average home being fixed up in 30 days from top to bottom. We then see it resold in 60 to 90 days
- Is your exit strategy to sell? If so please give more detail to question 6.
- Would the lender be first position on the property?
Happy Investing