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Real Deal #137 – Condo in Florida

July 2, 2008 by Fred Rewey Leave a Comment

Welcome to Real Deals!  It’s always easier to learn from real life so here we share information from actual owner financed transactions.

A developer successfully completed a nine-unit condominium building and sold one of the final units with owner financing.  The purchaser had good credit but no money for a down payment.

Photo of Condo with Words "Real Deal - Condo in Florida"

Florida Condo – Real Deal in Note Investing

The developer agreed to sell the condo for $140,000 and accept payments from the purchaser, rather than requiring a cash buyout or bank loan. The buyer and seller agreed to terms of 7.5 percent interest with 60 monthly payments of $978.90 followed by a large final payment of the remaining balance in five years, also known as a balloon payment.

Preferring cash today instead of payments over time, the seller decided to sell the remaining payments after collecting three monthly payments. A note investor agreed to purchase the remaining 57 payments, including the balloon payment, and the seller received $120,675.00.

Learn More About Real Deals

Want to learn more from real deals and real transactions? Check out these examples:

  • Real Deal #147 – Estate Note in Arizona
  • Real Deal #145 – Iowa Real Estate Contract
  • Real Deal #142 – Balloon Note in Florida
  • Note Investing 101 Series
  • Creating Note with Seller Financing

Real deals are based on actual transactions completed within the past ten years. Market conditions change frequently resulting in pricing and underwriting changes by note investors. Work with qualified professionals when creating new notes to obtain accurate and up-to-date pricing and investment parameters.

Filed Under: Real Deals Tagged With: How to sell a note, Note Seller Examples, Note Seller Real Deals

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