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Updated almost 7 years ago on . Most recent reply
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Purchase of Property, immediate owner finance to owner occupant
I am a full time buy and hold investor. I'm changing it up with some cash i have. I got under contract today a duplex in my area for $13,000. A (3) bedroom and (1) Bedroom. I will be paying cash for this purchase and the units can be rented immediately. I want to owner finance this property to someone that will be living in the 3 Bedroom unit. My question is this. At closing, i will be putting the deed in my company's name. i want to owner finance this right away. How is this done in regards to short term capital gains, recording the deed? etc. The property appraised for $41,000 and i will probably shoot for this number for a sales price with $3-5k down.
The one bedroom will rent for $600 with all utilities included and will make the owner occupants payment. I'm just looking for anyone that has done this and can explain the proper steps they took.
Thanks in advance
Chris