Free & Clear, Help me Steer!
I've got a lady who has a property free and clear. She has a tenant in the property and that tenant wants to buy it. She says that she has been waiting on them to get a loan through the bank but their credit is shot and she is tired of waiting.
Here's the numbers:
ARV 130K
As Is Value 110K
I was thinking of taking ownership of the property from her, with her carrying back the 110K, and then I will then turn around and owner finance the people who are already in the house because they want the house, at a higher interest rate to make some cash flow. Is there anything wrong with this?
How else could I do this deal? Any advise would be great!
Daniel