Expert: Hans Weber, Licensed Broker Associate - 4/10/2005

Question
I'm considering a beach front Penthouse that the owner is willing to
hold the financing on for $190,000 with 10.000 down holding the mortgage
for 30 yrs. @ 6.25% interest He wants to have 51% and sell me 49%. 1BR
1Bath Appraised for $379,000  Condo fee is $200 Per Month. He is a good
73 yr. old wealthy man with other rental properties that I might be
able to swing full ownership with him holding finance on in the future.  
He also owns the Penthouse right next door. He does not allow renting in
the contract.  I think he is very picky on who will be his neighbor.  
He will offer me first rights to buy the place in the future. I'm 43 yrs. old with wife

My question is what do you think? What should I look out for? Problems?
Good Deal? LLC?

Thanks for your time and expertise.

Don  

Answer
Hi Don,

Thank you for the question.

Why won't he allow renting?

Are you supposed to live there?

In the current market any real estate is good value, and if the seller will work with you you save closing expenses.

Need more info on the situation though....

Hans