HELP!! Seller will carry financing. NEED ADVICE!!! - Posted by Blue Heron

Posted by PBoone on May 26, 2006 at 10:14:43:

Blue,
You need quite a bit more information:
1 - Historical rental amount
2 - Why is he/she selling (what is it that is causing a distressed call)
3 - Has the property been converted legally
4 - what is today’s value
5 - what are your plans with the property
always remeber when evaluating "make your money when you buy"
Patrick

HELP!! Seller will carry financing. NEED ADVICE!!! - Posted by Blue Heron

Posted by Blue Heron on May 26, 2006 at 08:53:20:

Second distress call on this. Seller has a Craftsman Bungalow which was converted into three separate apartments, which are all currently rented. He’s willing to take back financing but I don’t know A) how low I can get the price, B) how little I might need at the closing table and, C) the best way for me to structure this deal for myself both in the short and long term. He’s asking $450K but I don’t have comps yet.
Seller told my girlfriend over the phone that the person they bought it from several years ago took back a large chunk of financing over 5 years. Said he wouldn’t go that long but he was open to creative financing.
Any advice would be most appreciated.
Thanks in advance.
Blue Heron

Comps - Posted by Joe

Posted by Joe on May 26, 2006 at 10:22:46:

Get some comps first. If he’s asking $450k and it hasn’t sold yet, why?