New And Trying For Advice
I have a deal where the seller has a commercial property appraised at 700K and has 200K worth of equipment in it. I can pick this all up at less than 50%.
The problem I have is that I do not have funds to do so and being a CDN in the USA has not really allowed me enough time to create an outstanding credit score but I am over 620 which is not bad from what I understand for only being here 2 years.
The seller will hold 100% of the buying price in a note if I have an avenue to sell the note for him. I have no idea how to do this.
I agreed to give him 100K more than what origanlly agreed upon since taking the note and him having to sell it but he wants it to be sold for him as a simultaneous deal where he gets his cash they get the note and I get the building and land.
Is this possible and where do I start to research on selling a note for such? What requirements will I have to meet for him to be able to sell the note? Can the rate of interest change as the note changes hands?
trying to close this deal as its my first and have the building leased for more than carrying price of the loan and the land has a LOI for a developer to partner up with and split profits and the equipment will be liquidated through an auctioneer sale. By crunching the numbers I will be ble to sever the land into lots and sell off to break even on whole deal and the machines are profit leaving a 5K a month income from the property after expenses.
Any thoughts or suggestions or input???????
Thanks from the poor Canadian just starting out in KY. 
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