OfflineHey guys,
I've been getting calls through my bandit signs that they want to sell their houses but they have loans on it. How do I approach this? Or should I only buy houses that are free and clear?
Thanks,
Sam
p.s. quick replies are appreciated
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What is your exit strategy? Are you buying fixing & selling, buying fixing & holding, are you wholesaling?
As long as the house is NOT upside down and you can make money on the deal,
you can manke it happen even if there is a loan ... depending on your exit strategy will dictate the methods you will use to make the deal happen.
If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125
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Hey, Sam~
1. You can buy their house "Subject To" their existing mortgage if there's equity in the deal, where you would take over their payments moving forward in exchange for the deed.
2. On the other hand, if the owners are upside down (they owe more than it's worth) often the only solution is doing a Short Sale with the bank.
This is basic...Dean's media and the Real Estate Forums [here] explain out the steps and process(es) in more detail...
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