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Updated about 8 years ago,

User Stats

5
Posts
1
Votes
Paul Leslie
  • Sterling Heights, MI
1
Votes |
5
Posts

Need Help Formulating a Deal

Paul Leslie
  • Sterling Heights, MI
Posted

Fellow BP members I am a newbie that is requesting the groups thoughts. I need help formulating a deal for a lead I have. I have a free and clear house that is asking $249,000. They are open to seller financing. My comps say the property is only worth $220,000. The house needs no repairs and is completely updated. Rent in the area averages ~1600.00/month. Taxes and insurance I estimate will be ~$270.00/month. I was thinking trying to work to an offer of $220,000 - 0% interest - $1100.00/month with a 10 year balloon. I may not get that but I was thinking that should be my last offer. This would be my first deal I am open to wholesaling it (which I probably wont be able to do with those terms) or holding it myself. Any advice would be greatly appreciated.