By Larry Chiang
Understanding details
Deeply understood real estate knowledge
Just got an urgent investment opportunity from a realtor Home owner is going to lose their house and there’s a foreclosure sale in 10 days
House worth $1,000,000 they owe $400k, they don’t want to sell b/c they have a 2% interest rate
Would you loan the owner $100k so they can pay off some cars and an $80,000 covid forbearance and they promise to pay you $2500/month for 12 months and add your name to title on their home?
Since they’re late on the mortgage payments they can’t refinance. So your loan would basically be for them to make payments for 12 months so they can refinance and pay you off
Is a 30% rate even allowed 😂. Seems like usury
What wrong with this situation? Would you do this?
Explain what’s happening
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