Updated almost 5 years ago on . Most recent reply
Creative financing on a fsbo
For whatever reason my accountant has not done my 2018 & 2019 taxes! Yes I'm looking for a new CPA!! In the mean time I have found a FSBO who might be willing to finance for a short period. His asking price is $199K but would do $195K. I explained to him that my house w $100K equity is up for sale, as is my commercial building with $400K equity but the real issue is me qualifying for a loan with no tax returns and little money coming in right now. I could put $75-$95K down and pay the remainder in 2yrs. He has a VA loan at 3.4%. Is there a way to structure a deal where he can keep his loan in place while I pay it for the next 2 years ($1,150/mo). I could easily rent the property for $1600-$1685/month.
FYI, I don’t know his payoff amount and not sure if that even matters. What advice can I get? Anything I’m overlooking? I know a RE lawyer would need to write it up.
Most Popular Reply
Hey Brian. If you get stuck with financing PM me. I have a connection to a NO tax verification lender. Higher rates but easy approval process. A great option for those that get stuck. Also I know a few CPA's in my network if you want me to refer you to someone.
Hope this helps,