Seller Financing! 4-Unit Property

[Ronnie Tejeda]

Hey Guys!

I have a potential seller I can present seller financing to.

I am a realtor here in New Jersey and she was actually an expired seller I cold called. 

The property has been paid off since 1990. 

Highly motivated. The property been on the market for 6 months and supposedly she had multiple offers but it kept falling through because the buyers nor the seller wanted to deal with the 4 underground oil tanks. 

She stated that she converted to gas back in 1984 and filled the tanks with sand but doesn't have the documentation. 

She doesn't want to go through putting it up on the market and dealing with buyer's again. However, I gained her trust and she said next week she's ready to talk about putting it up on the market. 

I haven't mentioned seller financing to her yet because she is a driver and I don't want to lead her with false information that can ruin this opportunity. 

Here is the information of the property.

Purchase price - $650K

Taxes- $20K

Monthly earnings - $6,856

Sq Ft - 4,400

Lot size - .17 Acres - 80x95 

The values of the rent and purchase price seem reasonable. However I am going to contact a local commercial broker to confirm that for me. 

I would obviously love to put no money down but if the funds are needed, I will figure it out. 

What is your guys best input on how to structure this deal and what are the best simplest contracts out there. 

Thanks!