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Message
re: Wraparound Mortgages
Posted on 4/15/15 at 12:15 pm to CubsFanBudMan
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.
1
Posted on 4/15/15 at 1:01 pm to TigerDeacon
quote:
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.
That's close to the same risk I have with a renter. Although I would love to sell it, I'm not desperate to do so. If the offer would have been a lot closer to my asking price, then I would have done it.
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