Purchase the home 'subject to' existing financing....yes there is a place on the HUD1 for this for those of you who think it is illegal. Once you close on the deal, quit claim the deed into an LLC. Financing stays in the home owners name. I know what you are asking, what about "due on sale clause?" Remember, banks are in the business to make money, not take back homes. Change mailing address and make sure you PAY the mortgage. Do not do this strategy if you do not have cash reserves or a cash producing business. You are morally obligated to pay the sellers note if you do this investment strategy.
I cannot give out every piece of information but you need to know what clause to put in the contract in order to get out of this property if you need to while still paying on the sellers mortgage before you refinance in under your established LLC.
You need to go to college! Contact me. This is awesome information!
Happy Investing!
Tony
Group Call every Tuesday evening, check my profile for details.
