Dear Mr. Durham:
I personally would wait for a buyer who can just buy your place straight out...
Then you have the money from the sale to leverage. Tigh the money up in a note
for 2 years is good if you are already well off and want to coast on the 10% interest rate.
Thats not a bad deal.. I would investigae Private lender programs.. They charge 3% and up at closing and they make sure the LTV is at most up to 70% LTV which covers their back side in case the borrower defalts on the loan... You then have a great resale...
If the deal makes you stir at night.. move on to the next guy!
Great Luck
Jack
LenderLister.com
J Durham <[EMAIL PROTECTED]> wrote:
J Durham <[EMAIL PROTECTED]> wrote:
I own a property where a buyer wants me to owner finance. The buyer has 10% to put down, and wants to amort. over 30 years with a 2 year balloon note. I don't mind doing this, but I do not want the problems of having to foreclose if he doesn't pay, but I also don't want the liability of a property owner either. I am thinking a lease purchase with the same terms mentioned above would work. Anyone have any thoughts?Thanks__________________________________________________
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