Hi I Need Some Help On This One. NEWBIE
I ran an ad on the internet in the apt section asking homeowners are they sick and tired of being a landlord. I received back many response from that ad. But, this one ad that stood out from the rest. This guy have a single family home that I saw for rent, so I emailed him my sick and tired of being a landlord ad. He emailed me back. first he is renting his home for $1775 in a great neighborhood a great location. To make a long story short. He said he would like to sell to me. So I offer to purchase his home for $399,000 The comp in this neighborhood is around $420,000 for a single family home. My question to you is, how can I structure this deal by paying the $1775 on seller financing term? How many years, should i offer a balloon? How would you do a deal like this. Help me structure this deal the right way, what should I offer him. I would like to offer a no down or pay $1,775 as my downpayment. He seems to be very flexible.
MT, I thank you so much. Yes I understand and I will make the lease to purchase it makes so much sense. In that neighborhood the home value is so very high here in Boston Massachusetts. The house is located in West Roxbury a very high end location. I will put the LOP deal together. Again thanks
No opinions or advice at all, no one? Someone has to have some ideas.
quinn