With mortgage rates moving from 3% to 8% you may think it is a very hard time to buy real estate. But there’s one opportunity that can work well and that is to buy houses subject to the existing mortgage.
If you have a seller that is looking to sell, and they have a mortgage at 3%, you could offer to buy the house and simply take over the mortgage.
As an example let’s say it’s a $200,000 house, and they owe $150,000.
You could offer to put $50,000 down, and simply take over their payments on that $150,000 mortgage.
3% mortgages don’t exist. Mortgages are currently at 8%.
So if you can pick up a 3% mortgage that’s a good strategy for you, and it could be a win for the seller as well.
If you want to learn more about this strategy and other strategies that will work in today’s market, make sure you are registered to attend my next Fixing & Flipping Houses Boot Camp! Click the button below to learn more:
