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Updated about 9 years ago,
Is it a good idea to owner finance a property from a coworker?
I have a friend that I work with that currently owns a duplex. When I first met and we started talking about real estate, he told about a duplex that he currently owns. He bought it for $40k about 5 years ago from a guy who was under water with the construction of the duplex (FMV in 2015 is probably close to $350-400k). Then he went into how he wants to be done with real estate because he is tired with dealing with the property management and not making much money and he wants to sell the property. I asked him if he would ever seller finance and he said it would just be too hard to find the right person and that how would he be able to trust them, etc.
I just started working with him and we get along great. After he told me this, I started to seriously consider seller financing from him. However, I am worried that this may affect my relationship with at work in a bad way and in turn affect my job (which I hope to quit someday, but I need it for now).
So, my question to you is do you think it is a good or bad idea to seller finance from a coworker?
- Connor