Hello, this is my intro/first discussion/help a newb question
This will finally by my first rental!!! After years of being stopped by this or that (or my wife)
I am wading through the torrential paperwork of buying a duplex conventially as a non primary/owner occ (what a pain). It is $150 PP with 25% down and closing/pre paids about $42K OOP. The seller owns a handful of properties in my city and is woefully inadequate at keeping records. The numbers on this deal look good, but he is slowing down the process at every turn by failing to provide documentation (says his wife runs the props). I have seen the property and met the tenants and the deal is still a go.
We are under contract conventionally and official inspection is tomorrow.
My question is: Should I scrap the conventional loan/ PITA for a Seller Finance or contract for deed? I would LOVE to get into this property for $30K instead of $42K. His current equity in it is about $30K, which is what he really wants out. I have not spoken to him in person, but he said he wants to sell to pay off another property.
Suggestions?
