I have a deal in Inglewood that the seller is anxious to get rid of. He needs 60K to move into his new home that he is trying to close on. He is running behind 5 months payments and has had his home in escrow 4 times. All 4 buyers fell through because the buyers could not get Qualified! This is such a huge problem. We all know this.
The good news is that he does have plenty of equity and I will be able to pull out the 60K to give to him. What a great opportunity to work with this fella. He has had a messy divorce and is just looking for a way to get out from under the house and start a new life.
I know the first rule is to not get emotionally involved in these deals but I am going to work my butt off to get this deal completed and money in his pocket to move. 
I will be able to take the house subject to the existing loan and then we will put it into a Land Trust. We will then be able to sell the home with no bank qualifying and get someone in there right away to buy the house through the Trust. This is great news!
It's such a nice home. Over 2400 sq ft in a great area of Inglewood! I think I will look for a private money investor to loan the 60K at 10% to be paid within 3-6 months. Additionally I might allow them to be a partner in the deal. I'll see how it goes in the next couple of days. I'm going to give Mr. Bill Gatten a call and ask him to help me structure this deal...!
