Seller finance question

[Guillermo Perez]

Does anyone have experience with seller finance? There is a house near mine that is abandoned. I got a hold of the owner by looking up his information on the county website. I asked if he was willing to sell the house cash? I was planning on doing a BRRR. I would use my HELOC to make the purchase and rehab. The owner said he would sell but at a very high price. Here's the details:

ARV- $210- $220K

Rent: about $1,900/month

3 beds/ 2 baths

Needs: New roof, New HVAC, New fence, Minot touch ups inside like paint and cabinet touch ups.

Rehab- About $40k

I offered $140K and he countered with $190K. Should I stop pursuing or is there a way to get this deal through seller finance?

[Ken M.]

Quote from @Guillermo Perez:

Does anyone have experience with seller finance? There is a house near mine that is abandoned. I got a hold of the owner by looking up his information on the county website. I asked if he was willing to sell the house cash? I was planning on doing a BRRR. I would use my HELOC to make the purchase and rehab. The owner said he would sell but at a very high price. Here's the details:

ARV- $210- $220K

Rent: about $1,900/month

3 beds/ 2 baths

Needs: New roof, New HVAC, New fence, Minot touch ups inside like paint and cabinet touch ups.

Rehab- About $40k

I offered $140K and he countered with $190K. Should I stop pursuing or is there a way to get this deal through seller finance?

He isn't a motivated seller.

If it will rent for $1900  a month, that means to make money you have to have a payment that includes, principal, interest, prop taxes, insurance, at less than $1400 a month.

$190,000 at 3% interest is P&I $801 + prop tax plus insurance a month. I'd offer him his $190,000 if he will take payments at 3%, NO BALLOON, you'll make good money and get tax write offs.