Profile picture for wardawg

Hello, if I'm buying 12 rental properties I have a question?

  Let's say the price of the properties is 650K, and I get financed 600K. Ok still with me. The seller will take a note for 75K. Can I legally set it up that way to walk away with 25K for my next deal?  Any advice is welcome. Warren 
  • December 19 2008 - Kansas City
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Answers (7)

Profile picture for Shermbo
Your lenders must be informed of all the details of your financing. If you hide any information from the lenders you could be liable for a charge of fraud. Now that could really cost you some $.
Tell your lenders, in writing and get a response, also in writing, never verbally, to stay in the clear.
  • December 19 2008
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Profile picture for wardawg
  Thanks for replying, and the answer. It helps alot.

   Warren
  • December 22 2008
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Ok what this is called is a seller carry back and you can't do them anymore legally I don't think. So if you qualify for 600k and your paying 675k and the seller is going to do a seprate loan on the sly or side... title or lender will not like this... used to do them alll the time but with new regulations in my state no no...
  • October 31 2009
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Amanda are you aware you are responding to postings made in December of 2008? Kinda late to be posting responses.
  • October 31 2009
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Profile picture for wardawg
Thanks though for replying!!
  • November 02 2009
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your welcome

  • December 15 2009
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There are so many great deals out there and many properties are not selling or have been on the market for a long time.  Simple solution, offer $625, 000, sell to another investor for $675,00 and walk away with $50,000.
  • February 20 2010
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