|
I have also used owner financing to buy a home that was already paid off...and that worked quite well. I am curious why you guys would not mortgage the first rental property for the money when it is finished. He should be able to get about 70% of the appraised value at a good interest rate and can write off the interest payments as an expense against the rent received. If he waits until it is rented, he can use the rental income to help qualify. I have done this and it seemed to work well. What am I missing?
__________________
74 Targa 3.0, 89 Carrera, 04 Cayenne Turbo
http://www.pelicanparts.com/gallery/fintstone/
"The problem with socialism is that you eventually run out of other people's money"
Some are born free. Some have freedom thrust upon them. Others simply surrender
|