Hey guys! I've got an opportunity on my hands and I'm looking for some creative ideas from our BP community on how to best package this deal:
Two properties to purchase from an old landlord who is ready to get out of the business altogether. He only has signs up at one of the properties... I have just made it a habit to ask if there are more opportunities when working deals (if there's one deal there are often more!). He is willing to do a seller financed deal to some level, but he needs ~$50k and then he is good to finance the rest. The numbers on the two properties are:
$49,500 2Br/1Ba
$60,000 3Br/1Ba
I am trying to use the low/no money down principles as much as possible at this point, so my initial thoughts were to purchase the first property with conventional financing, which would get him the $50k he needs, and then propose a no down or low down, seller financed package for the second property.
My questions:
- Are there any good options as far as doing a package financing deal on something like this?
- Do you guys have any better ideas on how to wrap these both together?
- What rates and down payments are you guys commonly using? For reference, my last small SFR was purchased for $70k with $10k down and 5% interest.
Thanks in advance for your time and input!
