New to this site.? on holding a mortgage

[Moofus]

What is the name of your state?What is the name of your state? Florida
Not sure if this is the appropriate place to post this question. We are thinking of selling a piece of property( a condo) and holding the mortgage. What steps do I need to take ( other than getting an attorney, I already know that). Is holding a mortgage advisable? is it hard to do? I would like to know as much about it as possible before seeking legal advice. Thank you

[HomeGuru]

Originally Posted by Moofus

What is the name of your state?What is the name of your state? Florida
Not sure if this is the appropriate place to post this question. We are thinking of selling a piece of property( a condo) and holding the mortgage. What steps do I need to take ( other than getting an attorney, I already know that). Is holding a mortgage advisable? is it hard to do? I would like to know as much about it as possible before seeking legal advice. Thank you

**A: why would you do such a thing? Do you not need the entire cash proceeds?
Are there specific tax issues like you already have tons of money and do not need more cash or to pay more taxes? Are you wanting to give the Buyers a break since they can't qualify for a conventional mortgage? Is the property such that it would qualify for a conforming mortgage? I have 10 more questions but that's enough for now.

[Moofus]

why would you do such a thing? A way to have more money over 15-20 years.
Do you not need the entire cash proceeds? Not right now, this is a 2nd home, and almost paid for.
Are there specific tax issues like you already have tons of money and do not need more cash or to pay more taxes? No not tons of money. Want to secure a means of "mailbox money" in the future
Are you wanting to give the Buyers a break since they can't qualify for a conventional mortgage? Haven't found buyers yet, but that is one way to do it... no money down and the mortgage over 15 to 20 years, we make more in the long run in the interest, not the bank.
Is the property such that it would qualify for a conforming mortgage? yes.
I have 10 more questions but that's enough for now. Bring 'em on

[HomeGuru]

Thanks, you have valid reasons. Now go see that attorney.

signed,
your cousin
Doofus

[Moofus]

After doing a bunch of research and talking to the attny, we have now decided to rent it. Better tax break and depreciation, Also, if we sold it and held
the paper, the new owners could turn around and sell it next year and we would would loose all the interest we would stand to make if they stayed in it for 20 years. There is no way to keep them from seeling it right after they buy it.... so it looks like we will rent it out. Is this the correct forum for questions regarding renters?

[HomeGuru]

Originally Posted by Moofus

After doing a bunch of research and talking to the attny, we have now decided to rent it. Better tax break and depreciation, Also, if we sold it and held
the paper, the new owners could turn around and sell it next year and we would would loose all the interest we would stand to make if they stayed in it for 20 years.

**A: you would not lose interest, you would lose equity. You used the worng terminology.
*******

There is no way to keep them from seeling it right after they buy it.... so it looks like we will rent it out. Is this the correct forum for questions regarding renters?

**A: not if the forum heading is Buying and Sellling a Home.

[Moofus]

Originally Posted by HomeGuru

**A: not if the forum heading is Buying and Sellling a Home.

Thanks, like I said I am new to this site. I need to do some snooping around. Thanks again, CUZ

[HomeGuru]

Originally Posted by Moofus

Thanks, like I said I am new to this site. I need to do some snooping around. Thanks again, CUZ

**A: Hey, no problem. Try the Landlord and Tenant Law forum.