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Updated over 3 years ago,
- Real Estate Broker
- Naples, FL
- 6,551
- Votes |
- 9,365
- Posts
Anyone Get A GREAT Rate On Owner Financing?
You don't know what someone will do unless you ask. I recently had a guy ask for me to give him a free box of ammo. My answer was: it is worth money! You are asking me to give you free money! HELL NO! LOL! True. Anyways, I went to look at a house for sale recently. Seller and I agreed to a POTENTIAL price and deal once I ran the numbers and studied it a bit more. Once I told them what I MIGHT pay, we were sitting there chatting. Then an idea dawned on me so I asked: have you considered carrying the paper? He says yes. Then he informs me that he won't take less than 4% and he would carry it for 20 years. If I had to take private money at 7% that would have been a deal killer. At 4%, I am in. So, I signed today and waiting for sellers to sign. It isn't the home run that I like (hard to screw up there) but I feel there is some money to be made and if I want out, the new buyer could assume the 4% note. The moral is: you NEVER know what someone will do unless you ask! Pray for me:)
John Thedford
Broker
Wealth Realty And Property Management, Inc