- Joined
- Feb 19, 2010
- Messages
- 33
hi there everybody,
i've just negotiated a deal with a seller in which he's agreed to refinance his property and pull out some of his equity for his new home. i'll be taking over the payments on this new mortgage. i'm not sure what kind of term he should be asking for at his bank. Should it be a 3 yr term? 1 yr? i have a few exit strategies, 1. may RTO for 3 yr term to another buyer. 2. could wholesale it to another investor 3. rehab and retail it. can someone provide any insight on this one? also, seller is thinking that the bank will want to know what company i'm working for in order to refinance his property. has anybody ran into this before? i don't have a company yet, but isn't it a reality that it's just a private buyer(me). is this even important?
thanks ,,
mike
i've just negotiated a deal with a seller in which he's agreed to refinance his property and pull out some of his equity for his new home. i'll be taking over the payments on this new mortgage. i'm not sure what kind of term he should be asking for at his bank. Should it be a 3 yr term? 1 yr? i have a few exit strategies, 1. may RTO for 3 yr term to another buyer. 2. could wholesale it to another investor 3. rehab and retail it. can someone provide any insight on this one? also, seller is thinking that the bank will want to know what company i'm working for in order to refinance his property. has anybody ran into this before? i don't have a company yet, but isn't it a reality that it's just a private buyer(me). is this even important?
thanks ,,
mike