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/biz/ - Business & Finance

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16345667 No.16345667 [Reply] [Original]

Do you think this is realistic, lads?

Say someone is selling a house for £60,000 in my area, do you think this is a fair and reasonable offer someone would accept?

I give them £10,000 up front and £1,000 a month after that every month for 5 years?

They make more than they wanted in the long run and I get to pay monthly for a house I could be renting out and covering part of the costs during the agreement.

>> No.16345685

>>16345667
they take risks and lose on inflation, i wouldn't take it

>> No.16345704

>>16345667
No motherfucker this is what mortgages are for. Terrible bait

>> No.16345706

>>16345667
Can you or can you not make the offer via a trustless smart contract?

>> No.16345717

>>16345685
What's the risk to them? The agreement could cover the risk, say I miss X payments they get the house back.

The inflation is a fair point.

>> No.16345733

>>16345704
Mortgages are terrible, especially buy-to-rent mortgages. Why is it far-fetched to come up with an agreement with the owner? Why do we need a middle-man?

>> No.16345749

>>16345717
are you aware of how terrible housing laws are? full on banks have problems kicking defaulters...why would some poor homeowner selling a 60k shack want to have to go to court for a year to kick some deadbeat drug addict out of his house.

>> No.16345780

>>16345733
Because the owner doesn't want to deal with the paperwork or having to go through the eviction process when you inevitably become delinquent. That's why these middlemen jobs exist in the first place

>> No.16345798

>>16345780
Also you're just planning on renting this out to some other retard who will also become delinquent on their rent payments.

>> No.16345828

>>16345798
No, anon. I'd be renting it out to family who gets their rent payed by the government.

>> No.16345839

>>16345798
Furthermore if the owner didn't want the money right now they would just be renting it out themselves

>> No.16345848

I have a mortgage at 0.97+ base rate %. Base rate is currently 0.25% so I borrow at 1.22%. Interest is about £10-11 a month on the 10k I owe. Sooo just do that. You'll owe 50k meaning your interest is going to be around £50-51 a month decreasing with every payment quite rapidly at 1k a month. You'd pay it off in 5 years. You'd pay like (I can't be fucked to compound it monthly) less than £1,830 in interest over the time. Oh whoop.

>> No.16345872

>>16345848
Standard mortgages won't let you rent property. Buy-to-let mortgages shaft you really hard.

>> No.16345876

>>16345839
This is the key point imo