The roof issue is apparent. No hiding it right now. I'm in Florida and my area just was hit by Hurricane Milton. It is likely going to be months to get a roof. We have carrying costs for the house of around $1,000/ month, and a new roof will be in the range of $27,000. I will not recoup my carrying costs out of a sale so that's $1000 down the drain every month, and even a roof will not get 100% recovered in the sale price.You might consider selling it while disclosing the roof issue. ...
If it needs a roof and you live in a poor place where the bank of Dad does not operate, why not replace the roof and then sell?
I'm surprised at the reactions here so far. I was not looking at owner financing as an act of desperation but as a potential investment opportunity. If I loan $250k at 8% for 20 years, then I get the interest income for 20 years. There are very few places I can invest that same money for the same return and certainly not guaranteed. When the purchaser sells again, my mortgage has to be satisfied and I get the remaining principal back. Also, my cash is never actually tied up because at closing the lender (me) pays the seller (also me) and I'm free to put the proceeds of the sale into whatever I want.
I thought this was a brilliant idea. Why are more people not doing this if they can afford the down payment on the next house without the proceeds from the current house?
Statistics: Posted by egf1978 — Tue Oct 29, 2024 3:43 am