Paying The 10% Down For The Buyer
We have a tenant that is interested in purchasing one of our properties. We have about $30,000 equity in the house and really want to sell it (not desperate, but on the verge). They do not have the 10% down payment so I was considering paying the $7500 down payment (out of the equity) and having a short-term loan to them for this amount. I would assume this is an unsecured amount since the bank would be first lien-holder. They have always paid their rent on time so I think they would have no problem since their payment will be less if they purchase. Is this a really bad idea? We could really use the equity out of the house, but not sure if this idea sounds reasonable.
Thanks!
I would try the "shopping" for a mentor. Admit that they know tons more, but you have fire in your belly.
Like this! This would be the perfect place to find my mentor.