All Forum Posts by: Kathy Crosby

Thanks!  You answered by question.  

Scott's email address please?

We have a hard money loan that we are refinancing with our husbands - the property has been rehabbed, its just not selling.  It is a unique property in Galveston and will take some time to find the right buyer.  Hindsight, we shouldnt have done the deal, but here we are.

For the refi:

One will get the loan in their name

The other will put up the cash for closing.  (Debt to income is too high to be on the loan)

When the property sells, how are the proceeds split?  Each will get 50/50, but does the person that put up the cash, get the original cash back plus the 50% OR the cash downpayment taken out of the 50%?  

What is "normal?"

Thanks!

What is Scott Smith's email?  I thought I had it and it bounced back. ;(  Excellent show and we are in Texas, so I intend to use his services!

We have never done owner finance nor subject to, and we know that there are plenty of opportunities to do so. I've seen plenty of info on the steps to take and the necessary paperwork, but I wonder - do you ever the seller cash at time of deal - to move out and move on; and do they see how much money you are making on the deal (HUD) when you sell after rehabbing the property? If so, have you ever had someone refuse to sign unless they get more money at end sale?