Posted by phil fernandez on May 08, 2000 at 19:50:05:
You’re making progress I see.
What is your seller’s motivation ? Are you sure the FMV is $349,000.?
I would initially test the seller’s motivation with a very low offer with a bunch of perks for yourself. Example : Offer him $295,000 with a 5 year option with 50% rent credits if you excercise your option. Mention to the seller that this would give you further incentive to go through with the deal.
How much money does he need up front? If you don’t have the money, perhaps a partner would for 50% of the profits.
What do you plan to do with the property once you acquire it? Some of these answers will guide you towards making your offer.