Help with This Offer/Deal

[Charles Hill]

Hi BP Members,

I would appreciate your professional assessment of this offer I received from a seller. My focus is on seller financing and I have been using Craigslist using the terms "motivated seller" "desperate" "must sell" to narrow the offers. Here is the craigslist script I use:

NO MONEY DOWN! NO BANK! NO CREDIT CHECK!

Please allow me to pay out your mortgage when it is due.

I pay your monthly mortgage payment, taxes, Strata and insurance.

I am responsible for all of the maintenance and repair -basically...you just walk away!

I would have a free and clear Condo within 15 years plus a cash flow of Market rent (if I rent it out).

I offer to keep a Quit Claim Deed in escrow if I default, say 60 days or more late, you get the property back. No foreclosure required!I

Got this email reply from a seller:

Charles, I own 3 condos in White Rock. They are all identical. The original price 3 years ago was $349,900 each.

Now the real estate market is slow. Each condo now Appraises at $269,000 to $300,000.

If you are interested in buying one or all of these condos at a sale price of $269,000 I can arrange financing for 95% or $255,000 at current interest rates.

I will give you a $30,000. Cash Rebate at completion of the transaction on each condo. End result is you own all 3 condos with no cash outlay and you will have $90,000 cash in your pocket at closing.

The property information is the same for all three:

1 bed/1bath/ 508 sq.ft./ taxes $1816.00 yr. or $151.33 monthly / Strata Fee: $157.00/mo. Rents $1,200 monthly.

Is the offer I made a valid one given the numbers. I intend to get this with little to no money down. If investors were involved how would the deal be structured to provide a 6.35% ROI.

This is a lot of info however, the seller would like to have at least one sold by the 15th of August.