Details of the deal seller financing

[Alana Reynolds]

Hello I am Alana! 

I am looking at buying my grandmothers house as a potential flip or Brrr.

it is located in Pikesville MD Baltimore MD. 

fixed up it may be worth $250,000.

It needs a total rehab including AC , and plumbing . The house is 1,332 sq ft. 

i am working on rehab estimates but may be 50k to 75k needed. 

I want to have a few different offers to present to my grandmother and help relieve her of this house, its her biggest burden. That and money. 

my idea is to offer a seller financing deal. Something like $2k down $115k total

3 yr amorization 

I am not sure what interest rate to say or other parts of the offer. How much should I offer to pay monthy that will make it a good deal but help with her money problems? And different ideas so she has a couple offers to choose from . 

Also, do you have recomendations for financing on the rehab side? I was thinking I could go to local banks but I dont have an account with them so I am not so sure they would give me good options to lend money. 

thanks in advance I look forward to your thoughts on this!

[Marco Bario]

@Alana Reynolds -

I'd recommend this when dealing with any seller, but especially because it's your Grandmother - understand what she needs. 

Where is she living now, and what are her living expenses? Is she struggling to meet expenses? If so, how how much is needed to up the difference?

If you're comfortable sharing more details here, I'd be happy to suggest a structure. Otherwise, feel free to reach out privately.