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Updated about 6 years ago,
BIG deal, Blown? Advise please!
So I had a verbal agreement on a property, we have been good friends for 2 years now, It is a piece of commercial property that is on a main freeway in TX. I have done other seamless business deals with him (bought cars from him)
As of lately I realized id be interested in this property, I made him an offer, and also offered for him to lease it back from he while he clears out ALOT of stuff, its 4 acres with 2 warehouses.
He owns it outright, and is in his 70's, he can't keep up with the maintenance and needs help selling off things, I also included this in our deal. help selling off items and Clean the place up.
OK So guys, I need a creative win win idea to get this deal back on the table, he says he wants to now keep it for a few years while he retires. I know its not true because the property is just a headache for him, and he does need help.
I think leasing it back for only my mortgage payment is a turn off for him about 3800 per mo. no profit!
Owner finance maybe?
let me know!