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re: Wraparound Mortgages
Posted on 4/14/15 at 2:17 pm to CubsFanBudMan
Posted on 4/14/15 at 2:17 pm to CubsFanBudMan
So he wants to buy it from you at today's price but pay over time. Meanwhile you continue to make mortgage payments on it while he rides the equity train (theoretically). Not something I'd consider personally.
1
Posted on 4/14/15 at 2:35 pm to VABuckeye
quote:
So he wants to buy it from you at today's price but pay over time. Meanwhile you continue to make mortgage payments on it while he rides the equity train (theoretically). Not something I'd consider personally.
Theoretically yes. But he's also taking some of the risk off of my back. I don't have to worry about finding a new tenant, or worry about the expense of any repairs. Our long-term goal was never to rent the property out. We moved out of it 6 years ago, and have listed it both for rent and for sale. We've rented it twice. Now I'm open to a rental or sale, which ever happens first. If I get an interest rate spread, then I'm not totally screwed from a ROI standpoint.
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