All Forum Posts by: Michael Lowry

Thanks for the advice Christopher, Ben, Mindy, and Tom. I ran the numbers for both cash purchase and bank financing. Neither options looked good. When I notified the seller that the deal did not make sense to me they countered with an owner financing offer. I have yet to structure a deal with owner financing and was really eager to make it work. Like you said Mindy..."not every property is a deal". Thank you again for helping me see the big picture.

Hi Rob, I appreciate the response.

1. The tenants have been there for 3 years.

2. Not sure but good question. The home is one of the few water front lots in town. Location.

3. They rent

4. The seller will sell for 100k and wants to owner finance the difference 60k-80k.

5. They want to sell for retirement but the seller is an accidental landlord and does not want the responsibility anymore. 

I am reaching out to the BiggerPockets community for a little advice. I am working on a deal and need some help structuring a FSBO with owner financing...if it's even a good deal!

3/2 SF, 1971sqft, built in 1998, asking price $180K. Comps are $130k-$160k

Current Mortgage amount $100K. No leans or back taxes owed.

Currently rented $1600/mo (area rents $1400-$1600)

Owner needs to sell to use money for retirement

Attached images are calculations as if I purchased for $100k and financed $60k. You will see the numbers do not work. If you could help me help this person enter retirement with security I would really appreciate it!!