I've got options for acquisition! I just wanted to share and hear input!

[Steven J.]

I'll admit it, postcards work.

I got a recent lead and I'd like some advice/suggestions/input on what I'm seeing.

The property is a 2/1/2 with 744 sq ft. The seller is looking for a quick sale because it sounds like he doesn't want the hassle with a Realtor and such. It sounds as though he's willing to take a cash offer to pay off his mortgage of 52k. He also sounds willing to consider seller financing. Comps are ranging between 80k and 125k for 2/1s within a quarter mile and with months of being sold. I figure 90k-110k is more realistic but 80k is just fine as well.

Acquisition strategy #1 - Offer to pay 52k cash for the property. Don't have it, but I'll figure that out. I'll ask for a contract with a period of 30-45 days or so.

Strategy #2 - Seller financing. I borrow the 52k from him at 8% with a 30 year term and a 5 year balloon. That brings my payment to $380/month and I can easily rent that $500 a month.

Strategy #3 - Do a contract for deed/lease option. Since I'm always still confused on the difference of these and how I might have to be careful if I L/O it to someone else I'm nervous.

None the less, I'm excited! I need to crunch some numbers of the few repairs I need and the numbers of those different situations. I'd love the feed back!