Extreme newbie question,
Is it advisable to purchase property with a conventional loan and then turn around and sell it carring the finance via Land contract.
Scenario:
(1) Purchase property 100% financed coventional mortgage = 125,000 @ 6.5 interest
(2) Find buyer needing owner to carry the loan and sell property with follwing terms:
a. 145,000 @ 9.5 interest for 3 years
b. 15,000 down payment
c. Baloon payment after 3 years for the balance of the loan
Is this feasabile or am I on crack?
Thanks