All Forum Posts by: Robert Smith
Robert Smith has started 1 posts and replied 3 times.
Post: Need ideas for financing for my self employed daughter
- Melbourne, FL
- Posts 3
- Votes 5
Quote from @Rick Pozos:
Nobody has mentioned one big point, BOYFRIEND. It is NOT her husband. What if they break up? What if he runs off and leaves her with the payment, but not clear title??
Sell it to your daughter only. The boyfriend can pay rent as a tenant. She can use most of the rent as income to qualify. If he goes away, she can find another tenant/roommate.
Just another perspective for you.
This is a VERY valid concern in this process unfortunately. I will probably follow this advice.
I appreciate your answer.
Post: Need ideas for financing for my self employed daughter
- Melbourne, FL
- Posts 3
- Votes 5
Quote from @Patrick Roberts:
Last option is to seller finance and then sell some or all of the note(s). There are a lot of nuances to how this is set up, and you will take some amount of a discount on the value of your note(s) when selling, but you could sell some or all of the note(s) within 6 months to a year to convert them to cash. The value of a note is determined by a lot of factors, so you'll want to partner with someone with expertise to set it to bring the most value. This is not something to DIY.
And when it comes time to sell the note, any suggestions on how to start that process and find a 'buyer'?
Thanks for your time and help
Post: Need ideas for financing for my self employed daughter
- Melbourne, FL
- Posts 3
- Votes 5
I currently own a 3bd 2ba house in Cocoa, Fl. I have been renting it to her and her boyfriend for a couple of years. For many reasons, I need to sell it to them outright, but the boyfriend is self employed (construction/concrete) and the current business has only been running for a year. (Approx 400k in income)
I need some ideas for any places that specialize in these types of loans. Or even private money that would be interested in something like this - realizing that interest rates will be higher.
Or if there is some creative option I havent thought of.
Any help is appreciated.