Options For First Possible Deal
I recently (today) spoke to a motivated seller who is the landlord for a property that already had tenants. She and her husband are tired of being landlords and want to unload the property. The property is completely paid for so there is no mortgage to worry about. The current tenants are on a month-month lease. What are some possible deal options? My business partner and I don't really want to be active landlords on the property because it is kind of far away. We thought about getting a loan for 110% of the purchase price and giving the seller 90% and using the other 20% as a down payment on other properties. Can anyone make any suggestions for possible deal layouts?
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