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Updated over 7 years ago,
My First Wraparound Mortgage
I want to sell a sfh on a wrap to another investor. It has a $70,000 mortgage at 4.25 %. I can sell it for $150,000 if I don't
finance it so I believe I can bump it to $155,000 or $160,000 if I sell it on a wrap. I'm thinking 10% down, 5.25%, with a term
of 10 years (amortized over 30?). I'm not sure about the term and how to end it. I'm 67 and I'm doing this for income and
to defer capital gains. I need to find a creative attorney or title company to do the closing. The buyer would get the deed and
I'd like to find a servicing company (recommendation anyone?). How does this sound? What else do I need to consider? Thank you for your input and wisdom.