First property!!! (Seller motivated) Need Help!!! - Posted by Sal (IL)
Posted by Sal (IL) on May 18, 1999 at 13:40:21:
I am new to Creative Real-Estate and this is my first property. The seller seemed flexible when I mentioned seller financing. The problem I have is that I don’t know what to offer and how to structure a deal. I’ve been reading as much as I can about creative financing. I suppose I am going through stage fright.
It is a townhome in a nice area (2 bedrooms, 1.5 bathrooms, 1 car garage). It is already being rented out for $900 per month (average in the area is $1000). He is selling it for $105,900. Taxes are $2200 per year and assesmant is $182 per month.
He seemed interested in a lease option. I can come up with $1000 to put down.
I would like to structure a deal that would be beneficial to both of us. Any information would be helpful.