I just recently bought a property for 118k with a 30 year mortgage.
I was approached by an "Investor" who is looking to purchase my house for my asking price.
I think we call this Wholetailing? Where I bought it and sell it as is.
40K down (cash) with $900 a month for the length of Paying it back and no interest
My mortgage on the property is $540 for 30 Years @4.3%
My numbers show it will take 11 years to pay me back on his loan.
So I will be cashing flowing $360 a month for 11 years..
Then I would have to pay 529 for the next 20 years.
My Mortgage loan is 89k I put the 40k Towards the house and Cashflow for $360k a month for 4.5 Years and then cashflow 900 for another 6.5 Years, No Tentants, no turn over costs and no filling vacancies.
( This property is out of state)
Ideas? Should I do this?
If I should.. how do I move forward with this to protect myself.
I don't think it's worth it... Over the course of the loan it comes out to about 195k if I don't pay it off early...
I am going to stick being a buy and hold investor vs the easy way out.
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