Posted by HT on March 08, 2000 at 14:24:17:
I have a condo that I would like to sell. There is nothing wrong with the property (I renevated nicely) and I currently have a tenant in it on a L/O with a strong positive cashflow, however I would like to get into working with SFH and not have to deal with condo assoc. and fees anymore.
I want to get a full understanding of owner financing. My ideal situation would be to sell the condo above market, sell the note and come away with 3-5K more than I owe on the property.
Since I don’t own the property free and clear can I use the owner finance method and will anyone step in and say I can’t sell to this person for 3-5K above market?
Also, what criteria will the notebuyer look for before purchasing the note and at what percentage discount? I’ve got approx. a 72% LTV ratio on the property. Is this enough room to deal it to a note broker.
Any and all feedback would be appreciated.