Owner Financing

[John Blythe]

hey all,

happened upon a very low-cost property that the owners have free and clear. they've been living in one side w their mother in the other unit for twenty some odd years now and are moving to a new house. 

they tried listing it for 40k originally, not even a single walk through. 30k, nearly the same thing. finally got someone interested in it for 28 but then pulled the deal (the listing agent did) because the buyer seemed shady. back on market now and i've been using the listing agent to look at duplex opportunities the last few weeks so he pitched it to me.

checked it out, needs minimal repair (considering the price point it's at) and can pull 550-700 depending on what updates i choose to perform.

the best part of it all is that she may be willing to do owner financing as there is currently only one offer on the table and it's 8k less than what she's wanting. 

all that to say: what are typical terms here? she moves out to her new home the first week of March so has motivation to get rid of this bad boy. then again, she owes nothing on it so it's not a hugely pressing need, either. 

i'm thinking 5-10% down and 6% interest. i could probably afford to drop 9-10k total on the project, including repairs, which is why i wouldn't want to put any more than 10% down initially, i'll need money to get the needed repairs and upgrades handled.

would love to hear your thoughts!