Potential Real estate deal - comments appreciated

[Tien]

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.