Updated over 12 years ago on . Most recent reply
Selling a property and carrying a second mortgage
So I have a condo that is currently rented but it about 3 hours away. I would prefer to sell this property as I dont like the long distance landlording and it is paid in full so I could also free up cash for other investments.
The building is not over 50% owner occupied as the developer is holding a lot of the units as rentals currently. As a consequence this is not an FHA approved building and local realtors have stated that it is difficult to find buyers with the 20% down.
My question is can I sell the property to a buyer and have them get a mortgage for say 80%, carry a second mortgage myself for around 15% and them put 5% down.
These numbers are just for example sake and I am just looking for opinions on the idea in general. Also if you have done this any pointers that you might have.
Any help is appreciated. Will