Seller Finance Advice

[Erik Pedersen]

Background:
2 Family in Newark, NJ
Rent for 1k each Sec. 8
ARV: 150K
Needs about 20k in repairs in bottom unit.

So Ive been working on a wholesale I have under contract - but it seems I am asking too much. Not too big of a deal considering Ive met a few cash buyers and now know them in person and know what they are looking for. I got a chance to meet Ibrahim S - A great guy smart investor!

Anyway, I dont know if the seller would agree to this - but better to have a feasible plan before I present this offer

If the seller agrees to hold a note for ~60k, I make a 15 year amortization schedule at x interest rate balloon payment after 2 - 5 years. Will obviously have to hash out the details.

Myself and my partner would fix up and rent out both apartments for 1k each - we could then go to a bank and do a cash out refinance with 80% of value - the value being 150k.

Do you think this is possible?

When I spoke to my other possible buyer they said that would be their strategy. Difference obviously being they would buy the house for cash.

Appreciate any help.