Originally Posted by MooreBonds
Congrats on reaching the finish line!!
Just out of curiosity....for a little glimmer of financial excitement and fantasizing, what were the terms (down payment and rate) on your seller-financed notes?
My terms were rather generous, but that is because I knew the buyer very well & they historically pay very promptly & spend a lot to fix up & improve the properties. In fact I'd love a default...LOL!
Because of that unique and trustworthy relationship, and the fact that there was no realtor commission, I accepted 15% down payment. Very unusual for commercial properties which are typically 25-30% down. My RE attorney actually suggested that this would give me a decent buffer. If there is a default in payments, I can directly take over management & rent collection at the building & foreclosures for non-bank mortgages go thru the courts in 6 mos or less.
However, I did get my PRICE!
On every sale including the cash one, I did.....
Interest rates and other terms are what ever the buyer & seller agree to, but are usually at least 1% above bank mortgage rates.