My First Offer!!!

[Joseph Molander]

Hay everybody,

I found a "For Sale by Owner" yesterday, contacted the seller, and walked the property today. Its a 2b2b, 1300sf, asking price $105k as is, FMV is about $111k, (there is another house two doors down for sale by owner asking $130k exact same cookie cutter house)needs about $9k in repairs. Market rent is about $1,040. The house has been vacant for a few months, the seller lives out of state, and she wants to sell rather than rent to another tenant. I just sent my LOI with three options. First option $53,114 cash (I am pre approved for a loan to cover the whole price at 3.75% interest), second option Owner Finance purchase price $79,824 with a down payment of $7,982 with a balloon payment after 15 years, third option Owner Finance purchase price of $102,104 with a down payment of $10,210 over 30 years.

My strategies are to move into the house if the cash offer is accepted (it's a VA loan so it has to be my primary residence. BRRR if the Owner Finance is accepted.

Any and all opinions are welcome!  Please let me know what you think, like I said this is my first offer to submit so I just a little unsure if I'm on the right track or if I need to adjust my thinking a bit more.  Thank, you guys are great!  I'll post with the seller's response.