My crystal ball says rates will be higher and therefore the opportunity to lock in a low rate for 20 years became more attractive.This loan is fully assumable at the existing rate and a nonrecourse loan.

There would be at least certain “screening and setback” regulations that are supposed to protect your property.

You will need a 3rd party authorization letter if you can convince the seller to sell to you subject to the existing financing, but there is way more to consider on a transaction like this than just a letter.

Buy cash (not recommended), secure financing through a Commercial lender, get seller to carry financing, or buy subject too the existing mortgage.

Could be $100k or more in cleanup.3) For lots where homes may have previously existed you will want to make sure that it wasn't the municipality that demolished the property and stuck the owner with the over-inflated bill.Some or all of these issues may not be relevant to properties exsiting inside of gate communities.

I have a situation where I have 3 houses that I'm thinking of wholesaling to end buyers through a back to back closing BUT each house has an existing "mortgage" on them.

The novice will pay more.Along comes TARP.The government injects capital into the banks that did poorly and no longer meet regulatory capital requirements and cannot raise more capital from existing shareholders or from the capital markets.

Short sales do not have this OO restriction.Look for properties that are real run down.The short sale department and foreclosure department have different objectives.Yes there are a bunch of issues with short sales.Any strategy you implement has work involved to make money.Anyone telling otherwise is not telling the truth.Competition exists in anything worth pursuing in life.Accept it and work to be better than anyone else.

How old is your existing flooring?

How are you on BOCA, OSHA, Environmental Engineering, Marketing, Planning & Zoning aspects, obtaing zoning variances, politics in the area, working with utilities and thier engineers, financing projects......I could go on....Point is, you won't get this out of a few books, universities offer degree programs and new grads still are only prepared to assist an established developer.Best thing is to work with one and learn.Many developers were GCs before they started, probably started with a small number of lots and built in phases or got an existing area and built to suit.