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Updated over 2 years ago on . Most recent reply

User Stats

7
Posts
2
Votes
Rod Mendoza
  • Investor
  • Greater Holland Area
2
Votes |
7
Posts

Questions on an interesting Seller-financed deal

Rod Mendoza
  • Investor
  • Greater Holland Area
Posted

Hello Real estate champions,

Tomorrow I am meeting with a potential seller on a 2-unit , seller financed propriety and need some advice.

Pros:

Seller is older, tired of dealing with tenants, owns the house outright, doesn’t “need” money, and told me he wants to sell.

“Cons”:

Upstairs unit is in the middle of an eviction process. The unit is wrecked and will need a light-to-medium rehab. I don't know cost of rehab thus, I can't figure selling price, ARV, nor cash flow projections. Because of this lack of info I can't make an offer.

All the “signs” for a seller-financed deal are there. Being this would be my first seller-financed and rehab deal, I am seeking advice on how to approach this deal since we can’t discuss terms before we can figure a selling price, and the pending eviction restricts access to the upstairs unit. 

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