I am new to investing and wanted to understand a concept I have been told about. Can i have a distressed owner quit claim deed his property over to me, have him vacate the premises and then refinance within 30 days since the title is in my name? I was told that there are lenders that will perform a refinance for me although I have not owned the property for that long. I was told that you could negotiate with the homeowner a settlement price to pay him at closing of my new loan. This deal would only be done if there were a good amount of equity within the property. After attaining the equity in the home, put money back into the property to enhance value, have money aside to make mortgage payments, etc. and put back on market. Does this sound like a good strategy or is there something I am missing?
Will they deed u the property? ;D ;D ;D
I don’t have a seller yet, but yes let’s assume they will. I am thinking if I can get them to sign a contract which allows me to take possession and get it refinanced within xx amount of days. If the deal does not go through, then I can quit claim the property back to them.