Need Help Formulating a Deal

[Paul Leslie]

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.