Paper and new sale to rehab investor...

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Posted by Michael Morrongiello on November 25, 2002 at 14:07:00:

In Reply to: John Behle- Do you or anyone know how to do this ? posted by JJ-Dallas on November 25, 2002 at 01:29:31:

JJ:
Your explanation was not very clear, so excuse me if I am a bit off the mark.

If you currently own the property and have legal vested title to the property this might work under the followin scenario:

You just acquired and TOOK TITLE to a home below market that you wish to sell to a "rehab investor"....

So you SELL the home to the rehab investor and you also FINANCE that sale by taking back a purchase money contract for deed, Deed of Trust (mortgage, etc.

The rehab investor now is responsible to make the monthly payments to you OR you can elect to SELL this "paper" that you've taken back to get a lump sum cash amount out of the property and move on.

Michael Morrongiello

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