Looking for an experts eyes on this deal.
Hey Guys,
I have been pursuing this park in my area. I have worked the numbers on the bigger pockets calculator. To me, it looks like a good deal. My agent however (who is also a very close friend) is urging that it is not a great deal and I need to get it cheaper. I am 98% sure the owners will not go any cheaper. The Current Z Estimate is $388,539. It is listed on the MLS for $275,000, we made an offer for $200,000 with $25,000 down, and owner financing the rest. They countered with $225,000 with $25k down and owner financing, we countered back at $200,000. They finally said no!
My new proposal is $225,000 with no money down owner financing with a 10 year balloon. We have not submitted the offer yet. If the numbers on my calculator are accurate, is this a good deal? Is there anyone here with similar property that can chime in with something I may need to factor in? This is also my first calculator so i am worried I made errors.
Any help or advice will be greatly appreciated. Its my first deal and well, i am hugely scared on making a wrong decision.