Jump in now or wait for better deal

[William Stewart]

Hello all

I have been looking to get another property under my belt for the past year. It's getting close to the 100 property rule ha. I'm currently seeking a owner finance deal. I have 15,000 to put down on a home from 0-150,000. 

Just before this unfortunate global pandemic hit I was working with an agent that has some homes available for owner financing. The owner wants 160,000 and will take 15,000 down @ 8% for 30 or 7% and a balloon payment after 5 years. 

My question to ya'll is do you think I should move forward with this as its hard to see what the future holds or should I hang on to my cash and look for better deals down the road?

Thank you for reading all responses are greatly appreciated

Billy

[Grant Sevek]

@William Stewart

I'd probably walk away from that deal. Generally you want to aim for rent to be at least 1% or more of the purchase price. Look for deals that you can get some forced equity on. Think 70% of ARV after your repair cost. Especially right now. Find wholesalers in your market to email you their available properties. Use the BRRR strategy with private money.