On Sat, 15 Nov 2008 08:43:02 -0500, "Eisboch" wrote:

Anyway, this is the second time we have done this with property we bought a
while back. The first one, done about 5 years ago has worked out perfectly
for both the buyers and us. Adding this one provides additional income for
us in our retirement years as well as affords home ownership to a young
couple who otherwise would have a hard time getting a bank mortgage in this
day and age. And *we* make the interest, not a bank.

You know - when you told me about your first experience with financing
a house, Mrs. Wave thought that was a great idea for the last
apartment house we couldn't sell due to market conditions. And she
had a candidate (or candidates) - young couple, married for 10 years,
two little ones - he's a mechanic with his own repair business, she's
a surgical nurse.

We talked with them and did the homework. Our long time friend and
attorney worked his butt off getting the whole deal set up. We had
the house appraised ($183,000) and told them they could have it for
$170,000, 30 year fixed at 6% and if interest rates fall below 6%,
we'll adjust the rate automatically to .25% below prevailing rates
until it hits 4%. We did the insurance thing too - backed up the
mortgage with insurance which didn't cost us a freakin' thing really.

Cost them $1,000 in attorney fees - theirs and ours. We looked at it
like you did - let them keep their money and build for the future.

The best thing is that we don't have to handle anything - it's all
automatic to our bank.

I want to publicly thank you for giving us the idea.