Buying on Contract question - Posted by Drew
Posted by Drew on July 11, 2002 at 11:21:39:
I found a motivated seller with 8 properties that are all between 29,900 and 50,000. Most are doubles. I would like to narrow the list down to one or two properties that I’m interested in and then approach him with an offer to buy on contract, and I would love to hear this forums comments/advise on how best to approach this.
How would you approach this double:
Asking price: 29,900
Current rent: $200 per side ($400 total)
I wouldn’t have a problem with bank financing, but I would like to limit my risk and try to buy on contract (the seller carries insurance, correct). For the example below, how much would you offer down, what would you expect to pay per month, and for how many years? He is very motivated and said that he would entertain any offers.
Thanks in advance!