80 year old "Joe" wants to sell his duplex.

[Jason C.]

Analyze this:

http://windsor.kijiji.ca/c-real-estate-houses-for-sale-DUPLEX-2-UNITS-EACH-WITH-2-BEDROOMS-W0QQAdIdZ384870985

I looked at this downtown duplex, it needs a full cosmetic rehab.

Owner has had it for over 30 years, no mortgage owing.

He showed me an expired listing for $159,000 last year, it didn't sell.

He has it listed above for $110 but as he was showing me around he said he will give it to me for $90k. It's a pretty big place. Once cleaned up it could rent for $1500 plus utilities. All separate meters.

As I was leaving, I said I would think about it, he said "Okay, make it $85,000."

I said, thanks Joe, I will let you know.

He called me a couple of days later and left a voice mail asking me to call him back.

Any advice on this?

[Kama Ward]

Brian Hoyt My dad is almost 78. He's got one rental left. He has owned it more than 27.5yrs. So it's all capital gains. He doesn't want to fuss with renting anymore, he will get close to nothing for the 90-100k after taxes if he puts in in the bank. He doesn't want to invest in something more risky. It's about preservation of wealth now for him. I don't want the rental (too far away). My brother is not interested in real estate. So he's going to owner finance it to a young couple who want to own a rental. He will get a good sales price and a much better interest rate. Amortize at 30 payoff at 10. The worst that happens is he gets the house back. If I inherit it, I get the income or sell the note for a wad of cash. What's not to like?