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Updated about 5 years ago on .

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Jean Akingeneye
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Financing ideas on a package deal

Jean Akingeneye
Posted

Hi investors,

I am getting started with rental properties and want to get ideas on how to creatively finance this (real) case study 

Deal: Package deal (2 properties) in the hot neighborhood in Philly zip code 19134.

Asking price: $85K for both ($42.5K each)

Situation: Seller is a tired landlord and just want to sell them. The 2 properties are in great shape, very well maintained with great tenants ( I also personally met them). 
- Property 1 is free and clear with tenant paying about $750/month. Estimated value is $57K
- Property 2 has a small mortgage balance with tenant paying $750/month. The estimated value is $60K. The owner is open to selling this one-half cash (to pay the remaining of the loan) and a half with a promissory note (terms not finalized yet)

For all the real estate professionals, how would you creatively finance this deal? Please advise.

Thanks,

Jean