Owner Finance wants me to buy them, need some advice

[Andrew Daniel]

Hello, I need some advice on what to do here. I have a multi-family unit that I have a owner finance deal on. Here are the details: Note is around [email protected] interest for 15 years. Payments are 517/month. I'm on payment 60 of 180. I owe 51k. Owner passed away. Estate wants to cash out if possible. They have offered 42k cash to settle out. I would have to use home equity loan or borrow against a 401k to close deal. I would to reduce price 10k but I love my payment. I don't want to refinance the property. Doing either of those options will increase my payments $200 month. Unit can support the increase. Current rents are $1400/ month Tax and insurance are $200/month What do ya think?

[Jon Klaus]

I think you are in the driver's seat.   Maybe see if they will take 35K. Make sure you make a deal with them, because gaining instant five figure equity is a bigger deal than a small monthly payment.