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A few months ago I helped my daughter buy a house with no money down, $100k and $600 a month payment until it is paid off ( no interest)
I couldn’t convince her to keep it so she sold it with a wrap to another investor for $106,000 and got $6500 down and 10% simple interest
So, she had rapid pay down on the loan when she bought and a nice $300 a month cash flow + $6500 cash when she sold.
The investor fixed up the house and we just found out he got a contract and is closing the end of February.
So, I’m going to contact the original seller and see if I can buy the note at a discount now.
She does not know it is closing the end of the month.
Hopefully she will take $80k – $85k now — since the economy has changed a lot since she sold the house I bet she says yes.
That will add $10k to the profit of the deal.
Worse cash — if she won’t sell the note we can walk the mortgage.
Jackie
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