Buying first Home / Is this Possible?

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Posted by Brandon Goudey on April 28, 2008 at 11:52:27:

I am in the market to get out of California. I've found a home in Arkansas that the owner owns out right.
He is an 80 year old man so a note is not of much use to him.
I am a new to the game 'note finder'. I love creative financing solutions and that is what I am trying to put together. He is asking 114,000 home is worth around 120k But I know he would take 105,000!
I want to structure a note so my payment is around 500 p/m.
So If we wrote up a note for him to carry for 125,000 @3% int.
payment is 527 so I'm in my range w/ no money down. Then If I could find a note buyer to pay 110,000 for the note I could get him his 105k and
and have 5000 for a safety net. would an investor pay that much? I would need to know that before i could even offer it to him.
I am not sure how to propose a balloon payment if that would look better for an investor. Suggestions please,
Thank you
Brandon

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