This is my first deal. It's an owner financed deal. The owner will carry a note of approx 30k. When paying back the note is it possible to split payments between two people say 50/50? The two family members would like to split the note payments.
The property is located in Philadelphia it is commercial/mixed-use. Store front downstairs residential upstairs. Is it better to put a tenant upstairs and then try to get a commercial loan? Or should I owner occupy upstairs and be a first time home buyer. I have good credit so what would be the best way to pull the equity out of the property, I don't need the money right away. So I am open to waiting 6 months for deed seasoning. Can I acquire the deed at closing even with the owner still carrying a note? I'm using most of my cash for settlement and rehab.
Thanx in advanced everyone
David, I'm an investor in Philly, feel free to send me an email if you want a second set of eyes on your deal. Based on your situation and the types of questions you're asking, I think that a seller-financed mixed use property might not be the best choice for your first purchase. Especially if you are not used to dealing with commercial leases.
Thanx @Ethan Giller. A second set of eye couldn't hurt. I'll email you the specifics in a couple days.