Quote:
Originally Posted by autobonrun
This has got to be hell on retirees depending on interest payments.
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Not this retiree. I sold commercial property and am carrying the contract. I demanded 20% down so they wouldn't skip. They wanted 30 years. That was fine by me since I set the interest at 9%. In the case of high inflation, I can increase that, but it will not be lowered. They also cannot pay it all off in any one year, since I didn't want to get burned with capital gains. No more than 1/4 of the balance can be paid in any given year.
Of course, there is more than that, but that's the gist of it.
As the attorney who wrote the contract for me said; "Paul, your ass is covered with a blanket."
As I've posted here before, financial happiness is paying no interest while others pay interest to you.
