Agent2Agent in 11230>Question Details

Concetta,  in New York, NY

Good evening Agents,LOL I need you help. I am renting my Condo out to a very nice person with a great income

Asked by Concetta, New York, NY Wed Jun 24, 2009

but he is also 31yrs young with no savings. He wants to purchase my Condo that he resides in.with no money down and me being the bank. what shall I do.

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Get a very sharp attorney to write the contract. Make sure it clearly defines "default" and your recovery process, including taking back your condo. This is all of course considering you can afford to be the bank.

Make sure you get a healthy % on the note; more than you could get in any other investment.
Web Reference: http://GailGladstone.com
1 vote Thank Flag Link Wed Jun 24, 2009
Run to an attorney that specializes in Real Estate, not one that does wills one day, litigation another.

Anna
917-576-5376
abrocco@laffey.com
1 vote Thank Flag Link Fri Jun 26, 2009
Hi Concetta,

Isn't no money down loans one of the reasons we all got into this financial mess in the first place???

Tim
tfitzgerald@c21proteam.com
1 vote Thank Flag Link Wed Jun 24, 2009
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