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Updated about 11 years ago on . Most recent reply

Lee Price's profile image
Lee Price's profile image
Lee Price
  • from Houston, Texas
  • Member since Mar 16, 2015

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Lee Price's profile image
Lee Price's profile image
Lee Price
  • from Houston, Texas
  • Member since Mar 16, 2015
Lee Price
  • Houston, TX
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Buying & Selling Real Estate

OWNER FINANCING

Lee Price
  • Houston, TX
Posted

I have a 250 unit multi family i am looking to buy the owner has a mortgage balance of 5,558,615 amortization 360 months interest rate 6.16% and gsi is 1,274,602 exp are 752,802 and noi is 521,800 100% occupied. The Seller wants 10% down, enter into a partnership with buyer and grant 49% ownership (no loan approval). Buyer pays interest on remaining equity at 7%. Then pays remaining equity to seller when refinancing the loan.

I need someone to explain this type of owner financing and if this sounds like a good deal. 

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