Offer Countered, advice please!

[Rob Krach]

Hi All,

There is a 6 unit complex that I made an offer on and the owner came back with the below counter as the owners are old and ready to retire:

Purchase Price of 525K

Down Payment of 100K

The Seller would Carry the financing for 2 or 3 years

Fixed $2,250 a month payment to the seller

and a purchase price at the end of 2 years of $371,000 or at the end of 3 years of $344,000.

It is fully rented and updated through the 90's / early 2000's so it isn't in the worst of shape but not the prettiest building in the world.

The Numbers are below:

Rent: $5250

Taxes: $12,000 annually

Insurance is $2400 (this is the quote I was provided)

What is my best approach, I can't afford 100k, I have 10k, do I lock this up after performing due diligence and then wholesale it?

What due diligence do I perform?

What am I forgetting?

Do I go to every single bank Online and Physical in an attempt to get the funds?

Thanks all,

Rob Krach