How to Refi and Wrap Mortgage???

[Timothy Borg]

I need to figure out how to do a cash out refi on a property with a wrap mortgage. A wholesaler brought me a really good deal. I can just take over the payments and do some repairs and I will have tons of equity. I plan to hold this as a long-term rental. The problem is that the mortgage is at almost 8%!! I don't want to keep that mortgage. I really like that I can basically get into this property with nothing down but the wholesaler's fee. My plan is the BRRR this property.

What are your thoughts??

[Charity Skore]

@Timothy Borg

If you are going to do a refi you will need the prior seller to provide an authorization to order payoff for most lenders, or at lease provide a social security number, depending on lender. Message me for details and I can walk you and or your lender through it.