Need Advice For My First Deal.
i have a seller who said he would hold a mortgage for me. how would i go about structuring a deal? the seller needs 10% down. any advice regarding terms and interest? i want to be fair ,but i also don't want to be too generous. any help would be greatly appreciated.
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It's hard to give advice without details.
What is the owner offering?
What are the property details?
[addsig]
depends on what you want to do with the property. but I would start off asking the int rate to whatever the current rate is now. granted he may say no, but its a good starting point. have the term be 30 years but you may want to have a 5 or 10 year balloon due, that may help your offer.
the property is a 2bdrm/2bth condo. he's asking $99,000. he's open to rent to own/lease option/owner financing..i have 5000 to put down..would i be better off lease optioning or would it be better to put that money down and doing a contract for deed? with some paint and some carpets i could ask at least $125,000 . any suggestions?
thanks for the replies