help with options and balloon mortgages - Posted by freshman
Posted by freshman on December 29, 2000 at 09:53:44:
please advise on the following.
An investor has propositoned me to purchase a property, but he wants to hold an option. Some history: – the area was previously targeted to build an office park, however the deal fell thru. In addition the loan that has been approved with the bank the investor is ‘familiar’ with is a 30 year amoritization and a 3 year ballon. (???) All of this is very new to me, and I need help as to what I should look for, what are the risk and the benefits.
P.S. What are the advantages of forming a LLC to “put the property in”? This is a recommendation from the investor also.
Any Immediate info is appreciated, I will be meeting with the investor very soon.
P.S. This a wonderful sight!!!