Why especially would a seller agree to a balloon payment after just 5 years since that would give them almost no time to spread out that tax over time?

@Jason MunckWhen I receive a colleague request w/o a letter of introduction (PM of introduction) or it I receive one out of the blue from someone with whom I've had no interaction, I will typically "let it hang" until I learn more about the individual and why they were reaching out.Surprisingly I receive colleague requests from folks who have never participated on the site (0 posts to the forums or blogs), which frequently arrive with no introduction or explanation of the reason for reaching out.

So it would balloon at 15 years, but I can obviously make extra principal payments to have it paid off in 15.

So, would I be better off calling them to inquire about the property or should I send a letter?

He only wants $ 4.8 million.Now this is the type of seller where you might offer him $ 4,800,000 in increments of $ 1,000/month, with a balloon in 20 years and he might take it just to spite his ex-wife.

Have been getting lots of calls since starting my yellow letter campaign.

Best bet is to interact with a board member to get the full scoop, write a letter to be read at a board meeting making your case and consider being on the board yourself...

Maybe have a bigger project going and need some quick cash for that.If you have secured at least two cash buyers(one for the deal another for backup) prior to securing the contract, you have either closed deals with them before or you have their verifiable proof of funds with escrow account info regarding the EMD from them and the property fits their specified criteria to the letter its most certainly a sure win...then I say go for it.

And you won't have a balloon in 2 years either, even if you could that might not be enough time to cure your qualification problems.If these matters apply, sounds like they do, consider a lease for 3 years or more.I say, in this case more because it's non-owner occupied and the seller has no exemption on the sale (but he will have more depreciation to reclaim) and there is no mortgage with due on sale issues.

But by the letter of the law you are not allowed to take ANY money from a perspective tenant, even the exact cost of running reports.MA Law says the only things that can be collected are first months rent, last months rent, a security deposit and a lock/key fee.