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All Forum Posts by: Kevin Rogers

Kevin Rogers has started 1 posts and replied 3 times.

Post: LOAN ASSUMPTION & SELLER PAY OUT

Kevin RogersPosted
  • San Antonio, TX
  • Posts 3
  • Votes 0

I have a SFR deal where the seller wants $25k net after closing.

I see my two options as:

1. Get a loan & purchase price that nets the seller $25k. 

2. Assume the loan & pay her $25k out of pocket.

I like option 2 and am currently working creative ways to not have to pay the $25k out of pocket. What I am currently looking at is rolling some money into an IRA, then pulling it out to pay the seller. I will have 60 days to replenish the IRA in the amount pulled in order to not claim it as income. The assumption amount will have enough equity to refi-cash-out or get a home equity to pay myself back plus repairs(clean out, paint, flooring). Then I can get tenants in there to pay off the new loan balance. The market rent price would cover new balance & provide some cash flow.

How does this approach look? Any suggestions on the creativity to minimize my cash out of pocket & still meet the sellers needs?

TIA!

Post: Alamo REIA meeting tomorrow night

Kevin RogersPosted
  • San Antonio, TX
  • Posts 3
  • Votes 0

When is the next meeting?

Looking to find a group.

Post: Finding deals from the court house

Kevin RogersPosted
  • San Antonio, TX
  • Posts 3
  • Votes 0

Go to county clerk website and view the trustee sale posting. Some counties may even have an early list you can purchase through a 3rd party company.

Just do as much due diligence as you can and go to the courthouse steps with a plan and max purchase amounts for every deal you are going after. DONT SHOOT FROM THE HIP!!!!!