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| *Ostroff, Fair and Company>>>Renting & Real Estate |
Is it a good idea to finance someone buying property from you? |
they want to put 10% down well- not really unless you have had experience. If they are family or a friend - then you may feel bad for them when they are haveing a rough time, etc... and you are losing out on your money. If you don't know them... well that can be worse! I guess if they have a SIGNIFICANT down payment. and a WRITTEN< SIGNED AND NOTARIZED agreement, also aloowing interest and loss of down payment in case of any default. and if you feel ok about it- then go ahead. BUT if you owe on this property and have to make a payment and they don't pay you- you can be bumming. think hard about this. It can make you or break you! Source(s): experience!!!!!!!!!! :-( Unless you want to be a 'landlord" you should make them get financed and take your money elsewhere. If the buyer can't get legitimate financing then why should you take the risk that a professional lender wouldn't? Learn more at www.hermanisms.com www.hermanisms.com I guess that depends on if you trust that person. No but if you do please check their credit rating first. C'mon, you get 7% on your money secured by real estate!! Think about it |
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