02-06-2021, 11:14 PM
I prefer a purchase money mortgage over an agreement of sale, but tomato tamoto.
You can get creative with these deals for sure. Our neighbor asked us if we wanted to buy his lot where he was farming guava. His asking price was fair but we couldn't come up with it. So the deal we worked out was that we would buy the land at a lower price and lease it back to him for free for a set amount of time so that he could get his equity out of it and continue to extract income from it. It was win-win and he didn't have to deal with realtor commissions or the other headaches.
You can get creative with these deals for sure. Our neighbor asked us if we wanted to buy his lot where he was farming guava. His asking price was fair but we couldn't come up with it. So the deal we worked out was that we would buy the land at a lower price and lease it back to him for free for a set amount of time so that he could get his equity out of it and continue to extract income from it. It was win-win and he didn't have to deal with realtor commissions or the other headaches.