How do I structure this deal high equity deal?
Would love suggestions on how to structure this deal. Seller is motivated due to tax break.
1. Seller needs the house sold by 7/2020 for tax purposes. (She lived in the house for two of the last five years and if she sells it, she doesn’t have to pay taxes on the profit)
2. Asking price $499K (Comps $520K...failed listing aT $580K)
3. Remaining mortgage $280K and seller wants that debt to be paid off by the 7/2020 date
4. Seller is open to owner-financing the balance of $220K
This deal is killer for this area. How do I make this happen? She is a CFO and fellow investor, but an out of state landlord. It's really a unicorn.
Would love to do creative financing with this deal. Would love to put as little down as possible.
Is there a loan where I can borrow the $280K?
Any suggestions on how to structure this so that the loan is paid, and she can take advantage of the tax break.