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Sell FSBO to current tenants

February 23, 2012 by PeterGreijn

I’m assuming that you paid 28k cash?

Do you not like being a landlord?

First I’m not a mortgage broker.

From what I’ve heard 50k is the lowest conventional mortgage someone can obtain. So if they were going to get a loan for 38K it would be hard money @ 10-15% interest w/ 10% down and possibly points.

If you were going to do FSBO

What are your terms besides 10% down?

Interest rate? Length of loan? balloon payment?

Are you ready to foreclose if they don’t pay?

If I was going to finance it myself I would probably go with a 10% interest rate with a minimum of 10% down. Amortized over 10 years. The payment is what close to the current rental rate & your out in 10 years.
BiggerPockets Forums

Filed Under: Investing Tagged With: current, FSBO, Sell, Tenant's

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