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Updated almost 5 years ago on . Most recent reply

User Stats

5
Posts
1
Votes
Chris Munoz
  • New to Real Estate
  • San Antonio, Tx
1
Votes |
5
Posts

Help creating a wrap loan in San Antonio?

Chris Munoz
  • New to Real Estate
  • San Antonio, Tx
Posted

I have a property I will by from a wholesaler for $67500. It needs minimum repairs estimate less than $10,000. I will be paying cash. ARV is 95k - 100K.

I then have a mortgage lender who will cash out refinance at 4% 30 yrs. 
I want to owner finance resell the property. I’m thinking $95k, $9000 down 8-9% 30 yrs. 

Here's my problem. I e never done this before! Help! Do I need a lawyer? Can I get the necessary paperwork off one of the do-it-yourself documents online? What do I need to file with the state? How do I assure they pay the property taxes and HOA fees?

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