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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Help with New deal Posted by Danny on July 28, 2003 at 5:01 PM I have been contacted by an acquaintance that owns a house with his wife in So. Cal. they are going through divorce, he lost his job and are behind 3 months in payments and are highly motivated. They purchased house in 1980 Balance on Loan 80K ARV 325K Repairs 15K As you can see, they have lots of equity, I am meeting with them tomorrow and would like some opinions on how to structure the deal. I was thinking on getting a hard loan and purchase the house outright, fixing it and selling it and paying off hard loan. Option two would be if they agree to give me a note for the equity I would offer to pay them on a monthly basis for their equity and take over subject to the existing loan. I would appreciate all of the experienced opinions I can get, specially yours Ward, my hero! Thank you Follow Ups: 1st Step Ward-CA- 7:11 PM, 07/28/03 (5) 2nd Step Ward-CA- 10:40 AM, 07/29/03 (4) Re: 2nd Step RegW 10:01 AM, 07/30/03 (1) The $122,418 was a given... Ward-CA- 8:02 PM, 07/30/03 (0) Re: 2nd Step Danny 12:45 AM, 07/29/03 (1) One step back.. Ward-CA- 1:28 AM, 07/30/03 (0) Post a Followup: Name : E-Mail : Subject : Comments: : I have been contacted by an acquaintance that owns a house with his wife in So. Cal. they are going through divorce, he lost his job and are behind 3 months in payments and are highly motivated. They purchased house in 1980 : Balance on Loan 80K : ARV 325K : Repairs 15K : As you can see, they have lots of equity, I am meeting with them tomorrow and would like some opinions on how to structure the deal. I was thinking on getting a hard loan and purchase the house outright, fixing it and selling it and paying off hard loan. Option two would be if they agree to give me a note for the equity I would offer to pay them on a monthly basis for their equity and take over subject to the existing loan. I would appreciate all of the experienced opinions I can get, specially yours Ward, my hero! : Thank you Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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