Posted by Ed Copp (OH) on February 17, 2001 at 13:30:45:
attempting to market the house at retail, to a good buyer. One would qualify for new financing. You might want to have a renter in the house to provide the money to pay the interest only payments. Then you would have 1 year to find the buyer (who might incidentally be the renter). Your out of pocket cost could end up being little or nothing.
You will make your money on the buy. If you buy right you will be O.K. Your profit is realized on the sell (that’s when you get a check). The interest only deal is like a real estate brokerage having a 1 year listing, only a little better. Good luck.