How do you wholesale and set up an owner financing deal with another investor?

[Octavia D.]

How do you wholesale and set up an owner financing deal with another investor?

I saw an ad on craigslist for this:

$ 179k (fixed offer)

2 Story House

Built: 1991

4bdrm,  2 half Bath............. (3bdr, 2 half bath on redfin)

2 car garage 

2500 Sqft............... (2253 sqft. on redfin)

No repairs

Big yard with fence

Storage

30% Owner Financing

_______________________      (the rest below is from my due diligence)

(( Sold comps, 3-6 mnths ))

View Here

___________________

(( Numbers ))

$179k divide by $135k = 1.32% (ARV)

$135kx.70% - $5krpr - $3kpft  - $6k cushion = $80,500 (MAO)

$80,500 divide by $135k = 0.64% (ARV)

$80,500 x.30% ownr. finanace = 

$24k (owe left to seller/investor)

$56k dwn. (paid from the end buyer / rehabber)

_______________

Do I offer $80,500 with 30% dwn. or just all cash?

Where can I find a seller financing contract addendum to do this?

The Investor didn't tell me if there's a mortgage on it or H.O.A, so I'm going by what i got so far. 

How is owner financing set up and what's a good % to accept from a seller/investor?

Thanks again guys for you're help.

OOps! hehe, I forgot in our text conversation that he said his offer is fixed and I just offered him the $80,500 with 30%dwn. Well that's my loss LOL! if this was a possible deal according to you guys. At least i'm getting more practice on these numbers and recognizing a deal. I also never got a response from him after that heheh.