Long story short my mom has brain cancer and I am her POA so I am beginning to look into simplifying her finances and estate.
She has 7 paid-for rental properties in Durham, NC that are worth probably around $200k each and brought in $72k after all expenses last year. Rents under market because mom never kept up with market rents as long as people were in the houses and paying on time.
I would be interested in talking with anyone who wants to put together a deal for this portfolio using seller financing so mom has some income to pay for her medical expenses moving forward without the hassle of replacing roofs, HVACs, etc. Basically, want to move mom from the investor position to the lender position if possible.
I am willing to do a pretty low down payment and good interest rate because this is about the monthly income to me. All terms are negotiable but just for example....
$1,400,000 ($200k x 7 houses) x 5.875% over 30 years with maybe $50k down would leave us somewhere right under $8k a month for P&I.
