Owner Financing

[Christina Davis]

Needs some help buying a piece of property. What is the best way/terms for me the buyer to purchase a owner financed property. I do not want to do lease/option. The seller is appears to be very flexible. What would be the ideal way to purchase this? Thanks in advance to all.

[Norm Chrostowski]

How many units?
How much rent per unit?

How much HE paid or put into it, is knid of irrelevant.

Many tax assessments, where I live, are higher compared to real value. Over assessed if you will. I would bet a true comp would be lower...IMHO.

I would base it on 60k to be safe, but make sure you confirm this with comps.

70% of 60k = 42k
42k-15k repairs = 37k
3k closing cost = 3k
MOST I would offer is 34k

Again if he motivated he motivated. What he paid is not your concern. Maybe he should have paid less at auction? 15k of repairs on his part? I guarantee that's an over-estimate.

Again, find out what it will rent for. I usually get that number and work backwards to get my price.