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Updated over 5 years ago on . Most recent reply

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171
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138
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Melba Chambers
  • Rental Property Investor
  • Norwalk, CT
138
Votes |
171
Posts

Seller Financing Opportunity...HELP

Melba Chambers
  • Rental Property Investor
  • Norwalk, CT
Posted

I have a relative that inherited a 1 bed/1.5ba loft townhouse (currently vacant) and an additional property(current home) that I'm not interested in.(both completely paid off) She is 30 and pregnant and wants to put both homes on the market at the same time and sell them before her baby is born in DEC.  The townhouse is near a major hospital and has great bones. It needs minor updates from what I can tell and would be a great buy and hold. The house is currently a mess as far a junk because she didn't take care it. How do I convince her to seller finance the deal so that is works for both of us. I know that she will get hit hard with taxes if she sells them both and I know that she is awful with money and having consistent monthly income with a baby would be a huge benefit to her. What is the best way to get her to understand as well as my other cousin who will be helping her with the process. 

Most Popular Reply

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9
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3
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Victoria E.
  • Real Estate Investor
  • Valencia, CA
3
Votes |
9
Posts
Victoria E.
  • Real Estate Investor
  • Valencia, CA
Replied

I agree with @Wayne Brooks.  

You may find out this information - 

-How much she needs

-Find out the market value "as-is" condition, then May give her more than market value with seller financing with interest 5-6% is reasonable.  Like money in the bank with great interest rate! 

-Bring her amortization sheet, what are you willing to pay over the years.  

-Have her think of "lottery winner" whether million dollars, it's all gone in 3-7 years.  

That's what I will do!  

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