Owner Financed With Existing Owners Mortgage
Question: Is it possible to structure this deal where the current owner is able to keep the existing mortgage, while paying them off over time?
Also referrals to someone that could structure this deal are appreciated, property is located in Pennsylvania.
Property: 2 Unit with 1st unit commercial and second residential
Current Owners Mortgage: $121,000
Property Value $300,000
Tax Basis: $50,000
Additional Details: Owner is a friend and contractor that for tax purposes makes very little money <$10,000.
Looking to do owner financed deal as the current owner wants to avoid paying capital gains taxes.
Say 30k in yearly payments going towards principle paid off over 10 years, which would keep him under the 40k income a year to avoid capital gains.