Updated almost 5 years ago on . Most recent reply
Creative financing question
Seller owes 120k on a 400k building
His goal is cash flow for retirement
His mortgage is 2,200/month
After expenses he’s breaking even due to below market rents...
should I... do a wrap around mortgage pay his 2K mortgage and make an agreement I won’t start paying for his equity until I get rents up?
OR
Take a mortgage out on his remaining 120k mortgage balance so the new mortgage is only like $700/month have him take a second lien position and immediately start a seller financed agreement since he’d technically have it paid off.