Posted by Ed Copp (OH) on September 03, 2000 at 21:08:38:
George,
The first thing that I would do is to ask the seller if he would take a note for the purchase. If he says no then I would ask if he would take a note for part of the purchase. He already knows you, and your abilities; and he may be aware of your in-laws’ ability to help you out. Try the seller first, Good Luck…ED
I need to create some paper, I think. - Posted by George W.
Posted by George W. on September 02, 2000 at 12:54:59:
If anyone could offer their suggestions it would be most appreciated.
I am the former employee of a fellow that owns a home in which he has elderly people. It is an assisted living home. I used to keep the guys books, and I was also there for the real estate transaction, so I know how much he paid for the place. I also ordered the appraisal (after the improvements he made) and the house appraises for 165K. He owns the house outright, having paid cash for it after cashing in a CD. He managed to pay much less than this appraised value because he is also a real estate broker. Anyway, I told him that I could buy the house and the assisted living company from him, but I would prefer not to go to my father-in-law (who has the cash and who wants to help - but my wife would never forgive me). The assisted living company nets around 5k per month, which would more than cover any mortgage. Additionally, I could move my office there. As far as liabilities are concerned, there is a 500k accidental death and injury policy that will convey with the house, all I have to do is sign my name to it and pick up the premiums. Since there are no mortgages on the house, I figured that I could create a note and sell the paper. All the current owner wants is 150k for the house AND his corporation. Additionally, this is in a high property value area, that is doubling in value about every 12 years. I’ve done the CMAs, I’ve done the math. Now all I need is help in what type of note to create, and someone to come up with the cash. I could work and live out of the house, live out of the corporation checkbook, and most importantly, pay off any notes that I create in record time. Help, please!