Posted by carl z on June 01, 1999 at 08:28:49:
i to purchased the course about a year ago, but haven’t tried it yet. however, it’s kind of similar to the way i bought the house i now live in.(raised ranch- 2500 sq.ft.-up & down combined)
for this house i borrowed the money from a family estate, to which the interest on the principal, is payable to the deceased’s wife. upon her death, the principal goes to 4 remaining heirs, not the wife’s estate. this works out well for all because the interest the wife receives from my mortgage is approx. equal to 10% and is secured by the real property and i got the house with no money down. the estate even paid the closing costs. if i wanted to i could rent the house and make $300/month after i paid the mortgage & taxes. i know this is an unusual situation, not available to most people, but it shows that if you have someone to hold the mortgage for you, you can probably make money at it. after all, at least here in ct., it is always cheaper to own than rent, and the difference between the two is money in our pockets.
by the way when the wife passes on and the mortgage payment is split up and sent to the heirs monthly.