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Wondering if a seller finance deal is worthwhile
Hi,
I'm new to real estate investing. I am trying to decide if a seller financing opportunity is a good one. I have an option to buy a 4 bedroom house in Ocala for $296,000 at 6% interest amortized for 25 years ballon payment in 10 years. The 4 bedroom home in this area of Ocala typically are listed for about $320,000 range. I like the Ocala market but not sure if this is a good opportunity and if the Ocala market is a good one for REI. Any feedback would be greatly appreciated. Thanks!!!
#3 Starting Out Contributor
- Flipper/Rehabber
- Pittsburgh
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#3 Starting Out Contributor
- Flipper/Rehabber
- Pittsburgh
need more info.
is this actually a legit seller? is it on market or off? are you being professionally represented by an agent or an attorney? how much do they want down?
Hi,
it’s off market through a friend that introduced me to the seller and has purchased a property from this seller in the past. The seller is asking for $60k down. The property could rent for $2,000.
#2 All Forums Contributor
- Investor
- Virginia
@Nancy Ra
Why not just buy with conventional financing ?
To save money on closing costs and interest. The ballon payment is in 10 years so I’m thinking on year 9 I would refinance or sell the property.