I NEED ADVISE PLEASE

[Thelma Garwood]

Hi my name is Thelma and I'm a new Member to this forum from Portland Oregon I need Help please anybody I have a motivated seller he is desperate to sell his house his payments are current and he has a lot equity this is his 2nd house he needs to sell A.S.A.P because he's wife have health problems he is being trying to sell this house for a year now I'm trying to help him but I'm not sure how to structure this deal he has a lot equity what i would like to try is to create a note for 80,000 and pay him when i refinance on 3 to 5 year terms and 150,000 in payments how would i structure the payments. Sellers have a monthly mortgage payment of almost $1,300 per month. The property taxes are currently estimated to be another $300 per month. The renter / tenant would be responsible for obtaining their own home owners insurance and provide proof of such insurance. If i buy this property and rent it out i think is to much money monthly. I NEED ADVISE PLEASE

Asking price $229,000
Bedroom 5
Bathrooms 3.0
Single family 2,618 sq ft
Lot 7,700 sq ft
Year Build 1974
Year Sold Sep 1991 for $115,000
Garage 2