Rent/Lease Option/Seller Finance - Posted by Reif
Posted by Reif on December 20, 1998 at 11:24:51:
Just closed on a 3/2 condo that I think most on this board would think I overpaid for, but now I need to make lemonade.
Purchase Price $83,000
FMV: $94,000 (Seller had gotten it via estate), I checked the comps
Down: $6000 (he wanted no out of pocket costs had an agent)
Paint/fix up $2000
Owner carried back $77,000 at 8.5%, interest only, 15 year balloon, no due on sale, no early payback penalty ($545)
HOA $135, no special assessments, Management company says the HOA BOD is steadfast against raising dues.
Taxes: $71/month ($855/year)
Insurance Negligible (