You should do an amortization with making extra principle payments.Also maybe not taking cash out will be the best option.

Also, your $4k owner carried note would be secured (or should be) by the property so your LTV is very low, plus, you get almost all your principle back upfront so you are actually getting interest on someone else's money!!!!!

This is what I'm considering: 20% down, carry the paper on 240k; 6% interest; principle/interest loan; 8 year term/amortized for 30 years with balloon payment at the end; 2 year prepayment penalty; will season note for 6 months.Is this desireable?

The results are that we are getting more verifiable traffic from BiggerPocket.com than we get from LI and FB combined, and these visitors are staying on our sight longer.

Seems very short sighted to me but what do I know.

If you calculate 31% of your monthly income, and your mortgage payment including principle, interest and insurance per month is more than this you may be able to get them to reduce your payment to 31 % of gross income.

You can google the HAFA program which allows for $3000 in moving expenses. there are other conditions to qualify like not having a felony conviction, must be principle residence and must have acquired the mortgage prioer to January 1 2009.

After 5 years on a 30 year amortization, there is about 5% of the original loan amount that is paid in equity from the principle being paid during those 5 years (assuming no additional payments are made that get directed toward paying down the loan balance).

If the properties are worth currently about $100k and you are just counting on principle pay down and appreciation to get your money back out, you may be waiting years for that to happen.This is what I would do if I were you.I would probably sit down and figure out accurately what my return on my farm ground was.

Not sure about laws in FL, I do see that there are many online sights now that offer this, they may or may not have a don't ask don't tell policy.