All Forum Posts by: Christina Davis

Hi All,

I am looking to purchase a property with owner holding the whole note. Right now I rent from him. The property was purchased as a fixer upper, an I had to do a few things to make it liveable. More works needs to be done. The property was bought at auction at a good price. He is about 65 and real estate is his income. I would like to approach him with an offer to buy the property. How I see it is at our respective ages we are in different places in life. I want to propose that instead of making money while maintaning the property as landlord, maybe if he could make the about the same in monthly mortgage payments, without the headaches of property management it would be good for him. Since he would be relying on this income we could propose the the mortgage would run it's entire length for his security. I think it would be a win/win for both of us. Also since we would be aiming for a specific payment, how would the principal/interest affect both sides. Would it be better for low sale price and higher interest rate or higher sale price low interest rate to achieve the desired payment. Thanks in advance for your help.

Discussed possibility of deal before auction
Bought at auction $15,000.
Spouse and I can do all work.
Estimate High $15,000 repair out of his pocket.
To make it "more" livable.
Someone is living in it as of now.
He is very flexible and I believe will hold entire note.
We will live in it at least 5 years.
Hoping he would accept $40,000.
A $10,000 profit without doing "any" work.
Assessment was $70,000.

Needs some help buying a piece of property. What is the best way/terms for me the buyer to purchase a owner financed property. I do not want to do lease/option. The seller is appears to be very flexible. What would be the ideal way to purchase this? Thanks in advance to all.

About 625.

Have opportunity to have full seller financing. Price has been agreed to, $50,000 with zero interest. Seller wants to do this over 15 years so that they will have a monthly income of about $275 from the property. If property was sold for $30,000 with 7.5% interest the monthly payment would be about the same. Since the owner would be getting the same desired income, what are the advantages/disadvantages for both sides in both scenarios?

Would a back ever consider holding a mortgage for half (their appraised value) with the owner holding the remainder as a second to someone who has bad/fair credit?

Can a seller legally sell a property and accept payments with no interest?