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Updated over 7 years ago,

User Stats

122
Posts
11
Votes
Aroldo Villarreal
  • Specialist
  • San Antonio, TX
11
Votes |
122
Posts

Bought with Cash, Sold with Owner Financing. Can I get cash out?

Aroldo Villarreal
  • Specialist
  • San Antonio, TX
Posted

Hello!

I bought a house for $22,500 with cash of my own (since I didn't find a private lender on time) and sold it for $55,000 as-is with owner financing. My plan, BEFORE I sold it was to get a private lender to lend me $25,000 on it, create a deed of trust & note to them, and then wrap that note when selling to my end buyer. 

That didn't happen and now I would like to get my cash out of it. Is that possible here in Texas? In other words, can I get a private lender to lend me the $25k to get my cash out, create an interest-only note  & shorter term than what I sold it with?

Let me know if my question doesn't make sense. 

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