Deal analysis

[Robert Niosi]

Hi BP, Here is a message I received from a seller I'm talking to: "There may be a way we both can get sort of what we want. You need your money to fix the place up so income is higher and expenses are lower. And then the value is greater and a decent mortgage is obtainable. We want to eliminate the ongoing monthly expenses and obtain a small amount of cash. Perhaps you can take over the monthly expenses and put your available funds into repairs. When you have achieved the level of income/expense etc. you want then you buy the building. There is a contractual way to do this." Can anyone explain this better and kind of give me your thoughts on this?

[Christopher Brainard]

@Robert Niosi

Sounds like gibberish to me. You pay the monthly expenses and you put your money into the repairs. We'll own the property. Once the value is increased through your cash and hard work, you can buy it. Sounds bad for you, I would proceed with extreme caution. As a rule, I don't put money into anything that I don't legally own.

-Christopher