Owner Financing Proposal

[Ernes Sahic]

Hi everyone, I’m looking to get some information and advice on Owner Financing.

I have a opportunity to purchase a Off market SFH split level that I plan on turning into a duplex. More on that later.

I have identified the owners wants and needs. He is retired army living out of state and does not have time or want to deal with the property. He has had some previous tenant/squatter issues.

Owner owes 30k on his mortgage, Owners ARV is estimated at 90k, but my ARV after doing some comps on Zillow, is more around $50-60k.

Currently I have my cash tied up in another investment property, so I wanted to some suggestions on talking to the owner about financing.

-Take over his payment?

-Offer to Partner with him(50/50 equality) and do all the work(rehab and find tenant)

Could I get some advice from my Bigger Pocket Community. Thanks everyone.

[Ernes Sahic]

@Jordyn Rodriguez By talking to the owner and the neighbor who was taking care of the property for the owner. They were good friends while the owner lived there. I talked to the neighbor for about 2 hours and the owner for a hour on the phone. Just chatting about life. They end up telling you the bads, the goods and all the in between.

I think talking to neighbors is a great way to get information on a potential investment and the neighborhood you will be investing in.