Strategy for a pretty house that’s free and clear - Posted by Brian O.
Posted by Brian O. on February 21, 2002 at 24:03:21:
Found a really nice 3/2/2, 2000 finished sq. ft., 750 unfin. basement house in great condition. Owner is looking to cash out, move to near Telluride in semi-retirement, asking $315,000. Thought about this strategy:
Have a buyer put $30K down, owner would carry the remaining $285K on an interest-only note (8-10%, monthly of $2000-2400), with a balloon at the end of a year; allowing a buyer with ‘bruised’ credit to get financed. For structuring the deal, I’d get 25% of the monthly rent ($500/month passive income for a year).
How does this offer sound?