Is wrap around secure? It is a low-risk investment…what should I watch out for. I have an amazing portfolio of properties, but I have never done a wrap-around. Can you guys inform me of any details I should watch out for. The mortgage is 2k. its a 6 units all rented at 650 … Seller wanted 10k he will keep loan under his name…and agree to wrap around…
If the lender found out the seller did a wrap around the lender can call the note due and you will lose your $10K.
Yeah, 'cause what lenders need is just one more foreclosure on their books…
Is the seller granting you title?
Are you titling the property in a trust?
Is the insurance current?
Are the payments current?
Are you paying the seller directly, or not?
Are you actually combining the Seller’s equity and existing loan(s) into one note, or not?