Updated almost 6 years ago on . Most recent reply
Duplex contract for deed deal structure
I have a duplex in south Minneapolis with an owner that's in a bind, she's elderly and not able to care for the property in the manner she would like.
- She has no money
- main unit was trashed (not sure how bad) so she can't rent it
- Social security is $700 a month
- doesn't want to move
- heading to foreclosure
I spoke to her about possibly buying the place and figuring a way where she would not have to move and I would care for the property. I have a contract for deed on another property so this isn't my first rodeo but I'm not sure how to structure this. My thought was:
- Buy the duplex on a contract for deed (10% down) and the monthly payment is discounted from her rent? Example: rent is $1000 a month and the contract for deed payment is $950 a month, her monthly rent due would be $50 a month.
Any thoughts or recommendations would be greatly appreciated.