Offer structure for a house mid-rehab
Here's the situation:
The house across the street from my medium term rental just got bought by some flippers and they're gutting at a rapid pace. I have the contact info for one of the investors and want to make an offer. I'm a rookie with off-market deals and wanted some advice before I make the call.
- I have ~ $50k to throw at a deal
- Sale price will probably be about $200k
- I can cashflow >1% faster than anyone else in the area
- Probably won't qualify for a conventional loan due to travel nurse income
- Excellent credit and solid income
Offer 25% down owner financing with a one year balloon and DSCR once I get it rented? What terms would be enticing to a flipper? Obviously need more info from the investor, just want to have a plan before I reach out.
Thanks!