Posted by Nate Tyler on March 17, 2000 at 11:18:24:
You really haven’t told us enough to help you. All you’ve really given is the fact that the owners will finance, and that it currently rents for 550/mo.
How much is the purchase price?
What have similar properties sold for?
What are your plans for the property after you buy it?
One thought I had when you said they are “negotiable on the owner financing side”, is that you may agree to get them to subordinate. But at this point you really haven’t told us what their NEEDS are.
Do they want more cash down if possible, or are they wanting to hold paper?
Depending on what they need, you may be able to sell them on a large down payment. Then you could get a new first for their down, and have them carry the balance in second position. This would probably take some selling on your part if there’s an agent involved.
Give us some of the beef and we’ll try to help.