Help with my First Deal!!

[Joshua Wilson]

Hi,

I am working on my first owner financing or lease purchase deal. The owner has not decided on which way to go. Details: House is located in Lancaster CA on the westside. Nice area. Its a 4/3 1800sqft. half acre. Owner wanted 318k, because of solar panels and a generator thats on the property. But COMPS are between 266k-285k.  SO She is willing to take the solar panels and generator and drop the price to 280k. 

Our deal: 280k price, 6k down 1650/month, term 5 years(seller financing) . Or lease 4k down, 1650, 5 year term.   Problems: House needs a new A/C unit ( 5k). Needs new carpet (2500). and both bathrooms needs about 2500 in work. 

Questions: Could you recommend a few good closing attorneys in Lancaster CA? 

2) Which deal sounds better to you from an investing point of view. ( Seller cant afford to make repairs, but is firm on down payment. She feels that she has lowered the sale price enough, so she may not be  willing to reduce more, I could ask tho) 

3) What are closing cost in CA for a owner financing deal 280k sale price?

4) Anything you would like to add would be great. Thoughts, suggestions etc. THANKS 

Thank you all in advance for you input. 

[Josh Sohar]

I would say Zillow is not a very reliable source of information. Also, explain what makes this a "deal'? I wouldn't count on appreciation to make my money in 2-3 years with a tenant buyer. (Which sounds like your plan, please correct me if I'm wrong) The selling price is already at the high end of the comps and there's still $10k+ in repairs that need to be done.