Posted by Michael Morrongiello on November 02, 2008 at 20:42:11:
In Reply to: can you do this with a note? posted by jennifer on October 31, 2008 at 10:25:56:
Jennifer:
This is not a seller carry back Note created from the actual SALE of the property to you - a purchase money mortgage. That type of "paper" contiunes to have relativey easy liquidity value in todays marketplace. Also there is not such limitation on how many loans as an investor you might have.The KEY however is that the SELLER of the property must be the one taking back the purchase money financing. In your case the REO lender is not going to do that.
So, you are really looking to "Scheme" for lack of a better word in attempting to a refinancing.
Most "paper" investors are not going to be warm n fuzzy about buying a non seller financed note created under such circumstances. A few private investors "might" consider such an opportunity but they are fragmented and few in the marketplace.
If you can get as suggested a commercial line of credit established using all of your other Quads and the income they throw off as collateral that would allow you to have ready access to cash proceeds.
The KEY is to deal with a smaller localized or regional banker or banker not some large "Boutique" Nationalize bank.
Best to your success;
Michael Morrongiello