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[Lao Tzu]

if you don't mind my asking, what kind of business do you plan to go into?

 

[HappyScrappy]

he told me he is going to start an online business that sells toys for pets and also weed killer.

 

[Code]

Real Estate Investment.

Basically buy houses for the appraised value OR asking price, which ever is lowest.

Do some mortgage magic (patent pending), "assign" the mortgage to a buyer who I won't qualify and charge said buyer a flat fee to get the mortgage assigned to him/her.

I'll make money off the asignment fee and that about it.

It's a little more detailed, but the friend I'm joining up with makes a lot more than I do now, and I make pretty good dough.

 

[Code]

>Do some mortgage magic (patent pending), "assign" the >mortgage to a buyer who I won't qualify and charge said buyer >a flat fee to get the mortgage assigned to him/her

You're gonna have to break that sentence down and put some commas in there. I can't understand the sentence.

btw: Problem with just buying/selling houses, is you NEED a damn good bank loan to buy 1-3 houses and float yourself 3-4 months while selling them to people. So you need plenty of capital. And if you only sell 5 houses a year, and want to make $100k -- you need to make $20 THOUSAND profit on each house. Which after fees, taxes, etc. is a lot. No?

-= nav =-

Sorry, I'll re-do the whole shebang.

My LLC assumes a present owner's mortgage after the owners refinance to get their full equity.

I turn around and assign the mortgage to a buyer for a flat rate fee.

My LLC uses what is called a "wrap contract" and add some language that forces the new buyers to refinance in their name within 18 months.

The house is held in escrow but the overall responsibility for the house/mortgage rests in the LLC's hands.

It's a little more detailed and to be honest, I don't handle any of it. I just had a lawyer buddy look at the the paperwork to make sure it's legal.

 

[Lao Tzu]

So all you're doing is buying houses, then charging people a fee to get the mortgage to buy them from you? nifty. I love these off the beaten path financial deals. what kind of fee? it is 3%?

 

[Bigsatan13]

So you make money off of hardships?