light headed
New member
...day = Master planners!? Thanks for helping me out.
Here’s my scenario. I am a real estate investor who comes across dozens of people per month who are in a 'last minute' scenario and area losing their house because of a certain type of LIEN that has been placed on their home in an amount ranging anywhere from 5-20K. Other than this lien, the homes are paid off and there are no other liens, including IRS.
So the situation is this:
The person needs MY money to bail out their home from being taken away by the certain 'due date'. And I am trying to figure a few options for the home owner to choose from. [I’ll share what the option is at the very end]
The person and I meet together about a week before the due date, sometimes in as little as even a day or two before (many of these people have just found out that the home they own is being sold only a matter of days or weeks before the sale, for whatever odd reason. Most often, someone else was supposed to be paying a certain type of bill for a number of years, and then it becomes a lien).
These people that I work with have no money, otherwise they would have paid off the small lien and not had to worry about finding an outside source (me). Often times, their home will range anywhere from 50-100K+
I need to get paid somehow for the solution/cash that I am presenting to the person. I was talking to someone about this and they suggested that the person sign a document that an attorney will have drafted up saying that the home owner will deed their house to me, I will pay their lien off to stop it from going to sale, and then they will have an ‘option to buy’ valid over the next 3 months, saying they can buy their house back for the amount of the lien (which what came out of my pocket), + 5K (which is my fee for paying their debt, I did the work of finding these people when they would have otherwise had no one and completely lost the home to the sale, and I am just trying to find a way to get paid for this after long research and fronting the $$$) So if I pay 25K for their lien fees, they will pay me back 30K.
What other options can I offer people instead of this one here? The one above needs to be cleaned up, but that’s a general example, I just need some more help with creative financing/options for the person losing their house and for myself to have something fair for both of us.
Here’s my scenario. I am a real estate investor who comes across dozens of people per month who are in a 'last minute' scenario and area losing their house because of a certain type of LIEN that has been placed on their home in an amount ranging anywhere from 5-20K. Other than this lien, the homes are paid off and there are no other liens, including IRS.
So the situation is this:
The person needs MY money to bail out their home from being taken away by the certain 'due date'. And I am trying to figure a few options for the home owner to choose from. [I’ll share what the option is at the very end]
The person and I meet together about a week before the due date, sometimes in as little as even a day or two before (many of these people have just found out that the home they own is being sold only a matter of days or weeks before the sale, for whatever odd reason. Most often, someone else was supposed to be paying a certain type of bill for a number of years, and then it becomes a lien).
These people that I work with have no money, otherwise they would have paid off the small lien and not had to worry about finding an outside source (me). Often times, their home will range anywhere from 50-100K+
I need to get paid somehow for the solution/cash that I am presenting to the person. I was talking to someone about this and they suggested that the person sign a document that an attorney will have drafted up saying that the home owner will deed their house to me, I will pay their lien off to stop it from going to sale, and then they will have an ‘option to buy’ valid over the next 3 months, saying they can buy their house back for the amount of the lien (which what came out of my pocket), + 5K (which is my fee for paying their debt, I did the work of finding these people when they would have otherwise had no one and completely lost the home to the sale, and I am just trying to find a way to get paid for this after long research and fronting the $$$) So if I pay 25K for their lien fees, they will pay me back 30K.
What other options can I offer people instead of this one here? The one above needs to be cleaned up, but that’s a general example, I just need some more help with creative financing/options for the person losing their house and for myself to have something fair for both of us.