Posted by JohnBoy on November 17, 2000 at 11:03:24:
You get as much as you can. I would want a minimum of $5k for this price range, but I would shoot for as much as I can get. Don’t advertise or tell someone how much down, ASK THEM, how much can you put down? You never know what they may say or be willing to put down. Someone may say they have $15k to put down! If you tell them or advertised $5k down, then you would have missed out on being able to get an extra $10k out of it! Always ASK the tenant/buyer what they can put down and then if need be, tell them $5k is the least you would take!
If you L/O this with foundation problems knowing it would be hard to get bank financing then you better disclose this fact in the contract or you may have problems later if the tenant wanted to exercise the option and this was a problem for them getting a loan.
You might want to just carry the financing yourself on this instead if that’s workable for you and avoid any lender problems later and having a potential legal problem over this. What ever way you decide to sell this you should probably disclose the foundation problem regardless for your own protection.