I found a duplex listed for $63,000 by a wholesaler. Each unit is 1 bedroom 1 bath. The property is located in a C neighborhood that has signs of improvement (new community center, homes being remodeled) and the duplex itself could use some cosmetic work (touch up exterior paint, landscaping, vinyl flooring, interior paint, update bathroom). I know I could rent each unit at $650.00 with room for that to be raised based on improvements to the property.
I contacted the person selling the property and they want to do a cash deal. I already have been pre-approved on a loan for more than the purchase price based on my credit (currently have the lender looking over the property). My question being how should I negotiate the seller away from a cash deal? Her priority (seller) is to get rid of the property quick. She said she wanted the total process to be 3 days. I've analyzed the numbers and it will cash flow pretty well. I was planning on using a 30 year FHA loan to house hack the property and rent the other half out. This would be first deal.
Any tips would be greatly appreciated. Thank you!
