All Forum Posts by: Craig Gilliam

@Don Konipol If I sell to someone whom is getting a bank loan wouldn’t the bank require payment to go to the lien holder and he have to pay taxes on that money?

I have a dilemma. I have a friend whom is offering to sell me an older home on acreage and wants to owner finance as he is retired and wants to spread the money over 30 years. The price is around $50k less than a realtor says I could sell for but I want to rent it for now. Dilemma is that the owner wants me to hold it 10 years and then if I pay it off spread the remaining over 5 more years. But my thinking is what if I can’t keep it rented then I would need to sell. Advice and thoughts welcome.

thanks for the input all. Turns out the foreclosure has a renter that didn't know the home was being sold until about a week ago. They want to purchase the home. So looks like I'll either purchase then sell to them or let them rent remainder of year then sell as that may help me not pay capital gains this year. 

I won the high bid on a foreclosure auction at my local courthouse this week, and now have a message from someone interested in the property. Since I only paid down payment at courthouse wondering if I could reassign the bid to this person, basically sale it before I do my financing for more than won the bid for.