Okay this is my first post.
I am new to investing, and my questions is on owner finance.
I found a Duplex for $429 the owner will carry a $200k @ 6%
The property is probley worth around $389K. (of course i will as for a lower price).
I have good credit over 700 fico and a good job for over 15 yr. with the same employer.
My question is do I get a mortgage for the $229? And if so what it be easy to qualify because am only asking for $229k on a property worth about $390K. Also how dose the $200k work in repaying.
Do I just add the 6% to make it a $212K that I would pay him back.
He told me he needs the $200k and has medical problems.
I was wording how I work the # on the $200k as far as what a monthly payment would be or is that just something you have to negotiate with the owner? Anyway I know this is a ton of questions. Any help would be great. Thanks in advance
"God gives us gifts, warped up in problems"