Need Help With Deal
I have found a landlord that owns a property free and clear. The property is bringing 450.00 a month. However the tenents have been there for years (So the rent could up.)
My question is the landlord wants to get out from the property. He has agreed to allow me to buy it for 8% interest for 20 years. Payments would be 250.93 a month.
How would be we begin to do this? Do you go to a title company? A lawyer? Where? What kind of contract would this be? Is it a contract for deed with the right to sublet?
Could someone point into the right direction in order to get a contract?
This is a good deal right? I will making about 200-250 a month after I raise the rent and the current landlord gets his 250.00 for the next twenty years without any worries plus the down payment we agree upon.
Who pays taxes and insurance? I assume you, did you calculate a percentage for repairs and vacancy? How about advertising.
Never just go by monthly mortgage payment minus monthly rent, you have to add in all these costs. That being said, sounds like a good deal. A title company should be able to help you construct this.
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If the property is in a contract for deed type contract can I be the one that pays the insurance and Taxes or does it have to be the property owner?