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originally posted by: Meldionne1
I guessing an improvement to the landlords property or addition will raise their taxes ....are they ready for that? Does your rent go up then ? I think you should save or invest your money for a place of your own....instead of putting towards someone else's investment .
but amortization tables scared us off. You pay about double the price of the house on a thirty year note.
originally posted by: bigfatfurrytexan
a reply to: schuyler
we have, on an occasion, carried a note for a renter who wanted to buy a property he had lived in for 10 years, and had made some capital improvements. We sold the house over a 10 year period (he's half way done), interest free, at 70% of market value. If he defaulted (ie., left town and didn't pay for a few months) then he loses his investment (essentially, rent to own).
But we trust each other, and I don't do people wrong. So it works well for him and his family. He's also a licensed electrician, so does quite a bit of sidework for us in exchange for a monthly payment.
originally posted by: Look2theSacredHeart
We could do a mortgage on another place, but amortization tables scared us off. You pay about double the price of the house on a thirty year note. Why not be patient, buy with cash or a contract, and stash the cash that would have gone to mortgage interest? A $25k addition plus rent for 20 years is way less than $130k in mortgage interest.