Have a house to “wrap” and looking for advice… - Posted by Tom
Posted by Tom on June 13, 2000 at 18:13:39:
My associate currently owns a piece of property which he has renovated. As a result, the FMV = $205,000. He purchased the property for $176,000 two years ago and is looking for a way to create some long term cash flow rather than selling outright. Currently he holds a first mortgage on the house with a monthly payment of approximately $1400.
My question is this:
If he advertises and successfully screens a candidate for an owner (him) financed deal where do we get the documents to write up the note? Also, what is the best type of note for this type of transaction? Is he better off just selling the home and taking the increased value?
I realize that these are the questions of a “newbie” but they are from one honestly doing his homework and not wanting to get burnt the first time out.
Thanks everyone, this site amazes me every day.