my first deal, owner carry, large dp, need advice!

[Jennifer V.]

I'm seriously considering the following deal,
Condo in the French Quarter in New Orleans (400 square feet) which is typical for that area
Purchase Price $115,000
Owner will carry with 60K dp

I wanted to know what type of contracts i should look into, the owner is very flexible with payments, but I wanted to hedge my risk and put a stipulaion about finding a renter within two months in the contract...has anyone ever heard about these types of deals? It is ok to ask for that kind of condition?

Thanks in advance!

[Rich Weese]

Hello Jennifer- Run the other way, FAST!! For so many reasons.
1. rent is very low
2. condo is too expensive
3. it is a condo!
4. lousy return on your 60K
5. unknown extra "special assessments"
6. you never mentioned FMV.
7. you sound pretty inexperienced
8. this is not a good 1st investment,imo
I doubt ANYONE will tell you this is a good deal, except the seller or any broker involved.
Again, please run the other way, very fast. Rich