Motivated Seller wants to Protect his equity
Hello
I have a guy who wants to sell his 3 family. No mortgage and it is worth roughly 800k. I have a 100k I can use for the purchase.
I am trying to show him the benefits of an installment sale however I have never done one.
Also I am confused as if the sale should be a land contract or a mortgage where he holds the paper.
I know with the land contract I will not get the deed until he is paid in full. And I know with the seller holding the paper I would get title.
Which approach or variation would allow me to get the property and have full control over it while saving him taxes. Also He does not want to 1031.
Thank you
Most Popular Reply
@Rich Hupper... not knowing your town, and being very frank... but that's probably a deal all day long for condo conversion, NOT for buy & hold! Let a large hedge fund who's happy with a 4% return buy that one. Otherwise, run all your numbers on a condo conversion basis (if it is where I think it is) and then get HM and a partner to do the deal, OR wholesale it to Legit local buyer (I know of at least one AAwesome one!)