Q: Seller Financing
Sep 21 2007, 8:23 PM EDT
| Post edited: Sep 21 2007, 8:23 PM EDT
I am negotiating a commercial property purchase with established motel. Seller will carry contract. He's very amiable, has presented himself as well-established businessman with over 30 decades of experience owning various businesses. As we discussed interest rate and length of the loan he adviced that we "never pay it off - that way you'll always have a tax break." What are your thoughts on this logic? I'd say that a $899K loan at 4.0% APR will be over 1 mil in 30 years and that's a sufficient sale price to him. I'll be mid 70's and likely ready to sell or pass on to decendents.
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