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re: Wraparound Mortgages
Posted on 4/15/15 at 11:40 am to LSUFanHouston
Posted on 4/15/15 at 11:40 am to LSUFanHouston
I met with the guy last night. He said he would make the payments directly to the bank. Him and his wife buy houses to flip. They make some repairs/improvements, then find someone to lease to own. I assume by keeping the mortgage in my name, then he can have a larger portfolio of houses without hitting his credit report and debt to income ratio. It probably also reduces the amount of upfront costs.
Anyway, the offer price wasn't where I would like it, so not pursuing it any further at this time.
Anyway, the offer price wasn't where I would like it, so not pursuing it any further at this time.
1
Posted on 4/15/15 at 12:15 pm to CubsFanBudMan
quote:
I met with the guy last night. He said he would make the payments directly to the bank. Him and his wife buy houses to flip. They make some repairs/improvements, then find someone to lease to own. I assume by keeping the mortgage in my name, then he can have a larger portfolio of houses without hitting his credit report and debt to income ratio. It probably also reduces the amount of upfront costs.
Anyway, the offer price wasn't where I would like it, so not pursuing it any further at this time.
Good for you for avoiding this. You were taking all the risk with this scenario. Imagine if the guy stops making the payments while in the mean time his renter is trashing the place.
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