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Updated over 11 years ago,
I am looking for some advice/tips for creative financing
I am looking for some advice on where to begin with initial offers on 2 properties where the sellers are interested in carrying a portion of the financing. We have not discussed any terms yet. I will be looking to pass these on to other investors if offer is accepted so I would like the final terms to be attractive enough to interest others so that I can move them quickly. Here are some of the details. They are both in San Diego.
SFR 3/2, 1,456sf, 1963yr in 92115 zip
Seller wants 390k cash. Rehabbed comps in the neighborhood seem to be selling for 375k at most so the are asking too much. Seller is upgrading the property now but not sure to what extent.
Loan- 30yr fixed, $1,650 mo. PITI, owes 240k
Interested in carrying back some financing but needs the cash to buy another home. Doesn't seem to be real flexible on price. Not sure yet how flexible on terms.
Triplex, 3/2, 2/1, 2/1, 2,600sf total (1,000sf, 800sf, 800sf). 92116 zip
Seller is asking 700k but is a little flexible.
Loan- Fixed, $2,400 mo. PITI, Owes 400k.
1 unit has a tenant now. I don't know yet how much they are paying.
Interested in carrying back some of the financing.
Any help would be greatly appreciated. Thanks.