Asking Seller To Invest With Buyer
I want to purchase a house in Portland, OR, but I can only obtain financing for 2/3 of it. Could I ask the seller if they wish to retain 1/3 as investment? Then when I sell it they are entitled to 1/3 of the appraised price. Is this ever done? Is this crazy? The sellers seem like savvy house investors and I think they might go for it. Just thought I would ask here first before getting egg on my face, potentially.
It would be a much cleaner deal.... with all the rules and regulations already worked out.... if you asked the seller to carry a 2nd mortgage.
[addsig]
welcome aboard B-
you can take a look this forum and find some valuable gems. you can also take a look at one of the TCI moderators site information and he and his team will walk you through the elementary stuff...
http://www jmichaelrei com
John Michael is very helpful....
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