I hope your investing is going well. We are seeing a lot more foreclosures in the market and are bound to see even more. Last month I finally worked out a deal with one of my mortgage debtors to pay their loan current and allow a one-time assumption of the loan to help them out. I had plenty of collateral, so it worked out for us both. This week, I am working a couple of foreclosures which brought the following to mind.

Sally and Julie grew up together and have decided to invest in real estate. They both have regular jobs, but figure they can find a property, fix it up and rent it out in their spare time. They find a good property which takes most of their savings as a down payment. They figure that over the next few months, they can get the repairs done with money earned on their regular jobs.

We had a great online seminar last week on Making the Seller the Bank! One of the topics was a discussion on wrap notes & mortgages. When you sell a property, a wrap will assure you retain control of a loan you have on the  property. This may be a loan you got using the property as collateral or a subject-to loan when you purchased the property.