Posted by TopProperty on December 27, 2001 at 20:45:17:
Owner owns the property outright.
He wants to sell the 4plex for 180,000.
He says he will take 10% down and finance the remaining at 7.5% for 30 years. I don't have the 18,000 dollars for the down payment, so i suggested creating 2 mortgages and selling one at the closing so he gets his cash. He said no, i don't want any mortgages on the property. I'll sell it to you on a bond for deed. With a bond for deed, i won't get the title transfered in my name yet i'll still reep the benefits of the rental income. I told him that by selling off one of the notes, we can get him his cash at the table. He commented that he wants nothing of that "note nonsense". Even though he dismissed my idea about selling the note, i get the feeling he'll go for it if i can give him enough good reason to do it. I've never been involved in a deal where paper sold is used to give the owner cash, but i've read about it on this site. Any ideas on what to say or how to structure an offer to him ? How can I present it to him to make him more apt to go for it? How can i get this deal closed.-Thanks,
-TP
- Possible structure MikeM@sunvestinc.com 20:58:57 1/07/2002 (0)