First offer - What do you think?

[Mark Graziano]

I visited a home today which is marketed as a 4b/3.5bath and turns out it is more of 3 beds 2.5 bath with a toilet and sink in a utility room with the hot water heater and furnace, yeah anyways,  still a nice property.  This was a rental for the couple and was renting at $1000 for the last 3 years.  The house is paid off and they are looking to sell but are not despite.  It needs about 5-7k in work and they are asking for 100k currently and 110k when fixed. which is a good market price.   It looks like a great rental.  Here is my first offer, what do you think?

I love the house!!! It has great size rooms and a very nice family/entertainment room in the basement.

Offer 1. –

Owner Financing – Current Condition – NO REHAB

Purchase Price $100,000

Down Payment/Escrow $1000

Monthly Payment of $325 until the balance of the loan is fulfilled.

Why is this a good idea?

1. Receive the highest price for your property
2. Monthly stream of income
3. Freedom from the property
4. No Realtor Cost
5. Quick closing

Offer 2.

Traditional Financing – Minor REHAB – property needs to qualify as habitable (working bathroom)

Purchase Price - $86,000

Offer 3 – NO REHAB

All Cash Offer

$65,000