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Tenant would like to buy my SLC townhome

September 19th, 2006 by Kenric

My tenant in SLC townhome #1 has expressed interest in purchasing the townhome from me.  The tenant has poor credit, but apparently it’s not that bad because they can qualify for just a tad under $195k.  I’m thinking of owner financing a very small 2nd mortgage in order for them to pay full price.  It’s obviously a risky mortgage for me, but I see it as additional income that I would not have received if I sell my unit for $195k on the MLS due to realtor fees.

Now I need to find a place to 1031 this property into.  I’ve been thinking about getting vacation home in Sedona, Arizona.  The prices up there are very expensive and I’d have to offset some of the mortgage by providing it as a vacation rental on weekends that I’m not there.

My friend mentioned McCall, Idaho or Tamarack, Idaho.  All these places are pretty expensive already.  Does anyone know of any decent mountain/country towns that haven’t had their real estate boom yet?

Posted in Real Estate, Vacations | 1 Comment »
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