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Old 10-01-2012, 10:12 PM   #21
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I think owner financing is a great exit strategy for rentals. Glad to hear it worked out so well for you as this is my eventual exit plan as well. Congrats.
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Old 03-01-2013, 05:58 PM   #22
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Wheeeeee!!

I'm pleased to report that the last of my buildings is in process of selling in a month & a half & then I am FIRED!!

I sold 2 bldgs last year to my favorite buyer on owner contract/notes - had to use a little creativity to buy down the mortgages.

Then lo & behold a buyer on the last apt bldg came back this year & made me an offer I could live with.....and it will be sold as a Cash Deal!!

So like a square peg in a round hole....Real Estate investing can be a conduit to FIRE --- and then some!

So happy to be ON MY WAY and ARRIVING THERE FINALLY!!
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Old 03-02-2013, 11:24 AM   #23
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Quote:
Originally Posted by NW Landlady View Post
I'm pleased to report that the last of my buildings is in process of selling in a month & a half & then I am FIRED!!

I sold 2 bldgs last year to my favorite buyer on owner contract/notes - had to use a little creativity to buy down the mortgages.

Then lo & behold a buyer on the last apt bldg came back this year & made me an offer I could live with.....and it will be sold as a Cash Deal!!
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?
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Old 03-05-2013, 08:09 PM   #24
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Originally Posted by MooreBonds View Post
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.

HTH!
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