Should I invest in a property with solar system?

[Jane S.]

Hi There,

At last I found a property that has CF potential. I'm getting interest rate quotes of 7.99, 6.99, 7.75, even 6.34 (conventional loan.) 805 credit score. no bankruptcies. Should I buy down points to help with cash flow? I'm also considering increasing the down payment to 35-40%.

The sellers installed a $50,000 solar system in January this year, then they listed the house for sale in June. It's been sitting for about 80 days. I have no experience with solar, sellers claim it will save est. $2400 per year. Has 25 year warranty. Dont know what it covers. The system has been approved by our regional building dept. It's not a storage system. That would add about $12000 to install. The sellers financed the solar purchase with a credit union and will be required to pay off the loan with proceeds from sale of house. I am trying to get statements from the sellers showing their utility bills prior to solar install and after the solar system went into operation, so I can use it as a marketing device.

They also spent about $35000.00 upgrading the property inside and out.

Also whats your opinion about buying the rate down?  Any one with solar system ecperence out there please contact me. Appreciate all your comments.