I was wondering is someone using this strategy or I thought of a new strategy. Is it legal? Say I found a property that I want to buy. The owner agrees to sell me the property under this condition. We sign a contract that states if I don't pay off this property within say 15 years, the property is his and I loose the money I invested into it, to pay it off. But say I pay it off the amount we agreed on the property it's mine. let me know what you guys think!!!
@Michael Grigorashenko I love the thinking! That is called Seller Financing, where the seller carries the note for ongoing cashflow. Often times, not always it also provides a higher selling price and/or interest rate. It's also used for properties that won't qualify for a conventional loan, IE: Land, Lot, Mobile Home. With the market this hot, it's definitely harder to come by. I love the thinking, keep it up! New perspectives and ideas are always good. Best of luck in your REI endeavors!