Updated over 13 years ago on . Most recent reply
Refinancing a Note
Hello BP,
I purchased a 5+ unit property in the past year where the seller carried financing and he currently holds a note. He contacted me seeing if I could cash him out and he would agree to reduce the principle of the note. I am currently working with a commercial bank to get a new loan and pay the current note holder off at a reduced price. Any tax issues or hidden things I should be aware of ?