Posted by chris on March 24, 2000 at 21:46:15:
Hi Connie- You’ll probably have better luck getting answers over at the main board. How was $63,000 arrived at? Is $500 the market rent in the area or what the seller felt was good? You may be able to increase rents when their current lease expires if this will remain a rental.
You have a lot of possibilities with this, one of which could be for the seller to get a small loan for the costs you mentioned with you agreeing to make the payments. If you do agree to any type of balloon arrangement make sure you also have a clause in your agreement with the seller giving you the right to extend that deadline for a small fee.
-Good Luck, Chris