Quote:
Originally Posted by SleazyDream
jman's loan portion was 50,000 - mine was $20,000 - it worked out that way by the math... mine might have been a little small and Jman's a little larger when I think about it - i'm aproximating numbers here without checking my bank records... total mortage was a little over $600 if I remember - lawyer worked it out
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Now you have lost me. It was my understanding that you bought a property for $100,000 and you paid $30,000 down which would leave you with a mortgage of $70,000 to the bank. You then make a seperate deal with Jman to buy approximately half of the land from you on a rent to own basis. You owe the bank $70,000 he owes you around $50,000 and he has no mortage to the bank or anyone else...he is on a rent to own deal with you. Where have I gone wrong?