Potential First Deal help.

[Joseph Rendina]

Hey everyone,

I am in the verge of potentially  setting up my forst buy and hold deal with am old time invester in my area. I am going to be looking to set up owner financing with hopefully little money down. I just have a few questions  before starting to really push the matter. Who wold I need to right up all the information, does a lawyer do this, broker, bank? Also the current owner is well into his 80s if I end up getting a 30 year mortgage what happens when the person doing the fiancing passes on? Who would I be paying?

[Brian Gibbons]

Installment sale, give him 105% of value, get the payment half of market rent, rent it out or give him market rent until he dies but no payments, just subtracted fro note as valuable consideration.

The key to older people selling installment sales is:

If you got all your cash today, what would you do with it?

Have you considered a Private Mortgage as an asset?

Pass this asset on to your kids?  A Charity?  For like 20 years.

Compare this with 

1. an Annuity

2. Reverse Mortgage

Caveat: check with heirs of will for their ok, check with elder care attorney, possible competency issues.

See

http://bundlr.com/b/installment-sale-contract

@Bill Gulley