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Seller Financing in Puerto Rico
Hello BP family!
I'm looking into buying a property with owner/seller financing.. in Puerto Rico..
Info:
- It was purchased as a single unit residential property (appraisal should have been for a
- it's a perfect income producing beachfront multiunit property which he renovated .. 10 plus bedrooms etc
- selling for 800k.. but I can probably get it for 700k.
- minimum cashflow at 5-10k/ month with str via AirBnb.
Con:
- Doesn't have the 2 year minimum rental income history .. which makes even a conventional loan difficult since the monthly expenses wouldn't pair well with my income: debt ratio
Hence why I want to do seller financing..
- I figure I could try to get a lower down payment, lower interest rate and show him that on a 20 or 30 year loan this would benefit him based on amortization schedule etc..
*******
Question for those WITH personal experience in seller financing in Puerto Rico..
- what terms make it benefit both parties?
- any advice or suggestions besides going through a legit CPA or real estate attorney prior to drawing up a proposal for this type of deal..
- any insight would be greatly appreciated!
history since it had been abandoned.. now renovated etc