What is the name of your state? SC
Q: There is a piece of property that is owned outright by a lady that only wants about 10% of the total property value in cash for herself and her move into a new home. The rest of the money she wants to invest for herself and her heirs.
I'm trying to structure this deal so that I can finance the 1st with a bank and let her take back a second with 7-8% payments.
I'm planning on renting this property to pay for the mortgage and it is in a college district and will not have any problems renting as she has seen over the years that she has maintained the property.
I want to be fair to this lady so that she can be comfortable with her investment of her money..but at the same time I want to have a limit..say 5 years in which I could pay her off in full.
Is there an easy and ethical way to complete this transaction where everyone will be happy...ie; I'll get the house with 0% of my own money and my pre-payment penalty would be only 5 years, but at the same time the seller will have the peice of mind that if I don't perform she is still in a good position?
A: Talk to an attorney.
Any others?
Q: There is a piece of property that is owned outright by a lady that only wants about 10% of the total property value in cash for herself and her move into a new home. The rest of the money she wants to invest for herself and her heirs.
I'm trying to structure this deal so that I can finance the 1st with a bank and let her take back a second with 7-8% payments.
I'm planning on renting this property to pay for the mortgage and it is in a college district and will not have any problems renting as she has seen over the years that she has maintained the property.
I want to be fair to this lady so that she can be comfortable with her investment of her money..but at the same time I want to have a limit..say 5 years in which I could pay her off in full.
Is there an easy and ethical way to complete this transaction where everyone will be happy...ie; I'll get the house with 0% of my own money and my pre-payment penalty would be only 5 years, but at the same time the seller will have the peice of mind that if I don't perform she is still in a good position?
A: Talk to an attorney.
Any others?