Posted by HR on February 27, 2001 at 08:13:48:
I would see what they plan on doing with the money. Obviously, they aren’t taking it with them. Do they want to leave it to kids, charities, etc?
If they do, then they will provide more money for their beneficiaries if they sell on a land contract. Not only will uncle sam take a smaller tax bite, but the interest on the sale will generate more money over the long haul.
My only hesitation here is your lack of experience. If they have a lot of properties, they are pros. You have never done a deal. Why should they want to put all their hard earned assets at risk with you, when they can sell to another, seasoned, experienced pro? If you can answer that objection, and you have all the paperwork, connections, etc. to pull this off, you just may be able to pull it off.