Can You Provide Input On Deal Structuring?

[Austin Walters]

Hey BP,

I have a friend who I am helping and he is considering buying a 4 plex property for $119k but the current owner has a loan outstanding for $114k. The seller had mentioned he is open to owner financing and that is what my buyer would like to do.

What creative way, if any would you do to structure this deal?

Ideally, my buyer would like to get in with as little money as possible.

He has $5k to put down if needed.

The seller mentioned possibly allowing us to do a "subject to" or take over his existing loan as he has good standings with the bank.

Here is what I was contemplating, The buyer could put 5k down and carry his current mortgage payments and refi out to pay off... this would allow the seller to get his $119k he desired for allowing the seller financing...

Any input would be great!

Suggestions, comments, concerns??

Thanks,

Austin Walters