Terry BurgerPoster
Pro Member
- Investor
- Atlanta GA | Marietta GA | Greenville SC | Spartanburg SC
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Need Advice on Rental Deal Structure
Hello BP family. I need some help analyzing the nuances of a deal.
I am buying a house where the mortgage stays in the current seller's name. I'm going to buy the house but pay the mortgage for her since she has such an unbelievable rate. I want to pay her mortgage for 7 years and then I would need to refinance or sell the house.
What is the best way to structure the contract for this type of deal? Are there any pitfalls I need to watch out for? Due on sale clauses, etc.
Thanks in advance for the advice.