Greetings!
My husband and I were recently driving around and came across a property, though not listed for sale, appealed to us as it fits within our strategy and niche. As we pulled around from the back alley to the front of the house we saw an elderly man tending to the yard which we presumed was the owner. My husband approached him and indeed he was the owner. The man said he would love to sell his property as he is retired. He owns another property which he would also be happy to sell as a package within his property management company (he stated he would prefer to sell it with the property management company for tax reasons as the properties are registered under the company). We pulled land titles and it seems the property of interest does not have a mortgage tied to it, the other property has a fairly small mortgage.
My question is, with only a minimal amount to put towards a down payment at this time, how might we best approach this opportunity. We were considering asking if he would be willing to be our mortgagee thus financing the deal and we put about five percent down with the intention to refinance within five years. Any other ideas or suggestions as to how we might go about this opportunity?
Thank you in advance for your insights!
My husband and I were recently driving around and came across a property, though not listed for sale, appealed to us as it fits within our strategy and niche. As we pulled around from the back alley to the front of the house we saw an elderly man tending to the yard which we presumed was the owner. My husband approached him and indeed he was the owner. The man said he would love to sell his property as he is retired. He owns another property which he would also be happy to sell as a package within his property management company (he stated he would prefer to sell it with the property management company for tax reasons as the properties are registered under the company). We pulled land titles and it seems the property of interest does not have a mortgage tied to it, the other property has a fairly small mortgage.
My question is, with only a minimal amount to put towards a down payment at this time, how might we best approach this opportunity. We were considering asking if he would be willing to be our mortgagee thus financing the deal and we put about five percent down with the intention to refinance within five years. Any other ideas or suggestions as to how we might go about this opportunity?
Thank you in advance for your insights!
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