OfflineIf I found a multi-family property with positive cashflow and has an assumable mortgage 2.2 million(30 years left on the term 6.5% interest rate). The asking price is 2.7 million. Can I get a hard money loan for 500k and once the property switch title, immedietly take out equity to payoff hard money loan? If not is there any possible way to make this deal work? Can I have the seller hold a second note for the 500k and the after closing take out the equity on the property?
Set a goal to achieve something that is so big, so exhilarating that it excites you and scares you at the same time. It must be a goal that is so appealing, so much in line with your spiritual core that you can't get it out of your mind. If you do not get chills when you set a goal, you're not setting big enough goals." (BO Sundberg)
Vicky Diaz
Thanks!
Set a goal to achieve something that is so big, so exhilarating that it excites you and scares you at the same time. It must be a goal that is so appealing, so much in line with your spiritual core that you can't get it out of your mind. If you do not get chills when you set a goal, you're not setting big enough goals." (BO Sundberg)
Vicky Diaz