Re: Potential Real estate deal - comments appreciated
Normally when I make them take back a mortgage, I just assume not payments and no interest.
When they ask for payments I say "How much do you need a month?"
Then I'll negotiate that part down.
If they ask for interest, I'll say:
"Interest? Why do you need interest for? Are you a bank?"
"Do you want to sell or do you want to be a bank?"
"The most I can give you with interest is what a bank would give you, or else it isn't fair"
The fact that he leased this property out to a bunch of idiots TWICE makes me think this guy is not really savy and you can get a really good deal out of him.
|