I used my $5000 stock portfolio as collateral for a $20000 5yr 5.25% amortized loan, which I used as a down payment on a $100,000 15yr
5.25% mortgage. I used that mortgage to pay off my friend's 30yr mortgage, and he transfered the title to me, so now I have house w/ a market value of $450,000. I rent it out to him for $1800/month, with an option to buy at 80% of the appraised value after 10 years. How do I record this on my books? Do I record the MV of the house as an asset?- posted
16 years ago