That is not a particularly hard thing to do, but you need to put it in writing and execute a new note for the loan mod.

Assign a contract: This is where you get a property under contract and you "fee" that you collect at closing is for giving the end buyer the rights to execute on the contract.

There is also a provision in the promissory note that states in the event of default, we must deliver the property back in the same or better condition from the time of purchase. 2: We will deed the property back to the seller & execute a contract for deed.

In this instance this is a plan that can be executed upon and they have some control2.

This deal highlights the power of well-executed renovations and a strong partnership in achieving impressive profits.

I use True Books for my real estate tax planning and execution.

@Jonathan Blanco, I'm and investor and a licensed mortgage broker so I've been on both sides of this conversation.I would look for a lender that (1) listens to you and understands your strategy and needs (hint: it's not always money), (2) has experience working with clients executing your strategy and brings more to the table than just cash - be it advice, relationships, deal-team partners, etc., (3) gives you viable options and explains the pros and cons of each option and (4) you enjoy interacting with - this should be a relationship, not a transaction.Once you find a few lenders like this (and you should have relationships with more than one), then you can start comparing rates and fees.

I love hearing new investor execution posts like this.

If not, paying off the STR could leave you vulnerable to unexpected expenses or downturns.

They are often executing long term, intentional strategies that can get derailed if they sell/refi outside of the intended timeline.