All Forum Posts by: Ryan K.

Is a "wrap" the same thing as a "Subject To" ?

Hi Rick

When you say the term "wrap" are you essentially saying a Subject To? or something else?

The seller just wants to dump the house. They no longer live there. Its been vacant since June or July. They continue to make mortgage payments in the meantime. 

They said it's appraised at 100K, and they owe about 65K on the mortgage. The house is in a fantastic location, but needs updating (cosmetic updates).

Mike, whats the wrap around mortgage you mentioned?

Hi everyone! I want to purchase a house (to be my primary residence) for 100K. The seller still has a mortgage on it for 65K. 

What are some ways I can buy it without using a bank? I have great credit, just prefer not to use a bank.

I need advice from the investing community: 

If the seller got scared and instead wanted me to get a bank loan to wipe out his mortgage for say 65K, if his house appraised last year for 100K would I gain instant equity in purchasing it? For example, could I take out a HELOC?

I have great credit and could likely refinance if they attempted to foreclose. But if they did, would I have enough time to get the mortgage? Would it be a period of days or weeks I'd have to pay it off worst case? I can't stroke a pen, but I have very good credit. Only 2 mortgages, 1 for the small house my wife and I want to rent or sell and move out of, and another a triplex we own

Does this risk triggering a due on sale clause? Do banks usually care or is it easy for them to find out? 

If I take over selkers mortgage can I pay whatever extra per month to pay down the mortgage quicker?

What would I do if the bank found out?

I want to buy a property to use as my home residence. I want to do a Subject To with the owner. They owe 65K left on their mortgage. The house appraised at 100K. I'm going to buy it for 90K. The remaining 25K I want to draw up a private deal over X amount of years to pay the owner. 

IS THIS LEGALLY POSSIBLE?

IS THERE A BETTER WAY?

I DON'T WANT TO GET A MORTGAGE AND HAMPER ME BUYING RENTAL PROPERTIES (I already have 2 mortgages).

I keep getting emails for a website called myhousedeals.com, but you need to become a member to see any of the "good stuff". 

• Has anyone had success using this website?
• Can anyone share reviews if this website is reputable?
• Is it worth it to buy a membership?

I am looking to find owner financed deals and hoping to find sellers. Has anyone found a deal using this website? My funds are tight and I would like to know more about this site from any investors who may have used it before.

I'm looking to buy my 2nd rental property, but have some financial questions.

1. I own my own home and can take about $13,500 for a HELOC to use as a down payment.

Q - If I do this, and then try to get a bank mortgage (from a different bank), are they going to see the HELOC and get scared from giving me a loan? (eg. too much debt).

2. I have one credit card with an APR of 22%. I've got a 4K line. Through my credit union, I can apply for a 9.9 fixed credit card.

Q - If I apply for the lower rate card, should I keep the high interest card I have or close it? What would look better on a credit score?

3. I own one triplex, and own my home. 

Q - Is getting a HELOC fo fund most of the down payment on a 2nd rental property a good idea? or a foolish one?

Anyone who can offer advice is greatly appreciated for this newbie!!