I have asked the seller to provide seller financing in order to pickup (2) properties. (I can get one with 20% down, but I don’t have the cash to pickup both.)
I want to offer 10% down on both properties, seller to finance the remaining 90%. The seller is agreeable, but they want the terms to include a 3-5 year balloon.
I’m assuming that after 3-5 years I could qualify for both mortgages (…because I would be able to claim the rental income for that length of time.)
Is there anything that I should be mindful of?