Crazy Seller Financing Terms
I saw a craigslist ad for a 3 unit for 120K. I only have enough for about 10% down right now so I asked the seller if they would consider seller finance for three years. Here were his terms:
10 yr amortization @ 10%, 10% down, 36 month balloon.
In his ad he said the building has a net income of $18900.
Who would be crazy enough to accept terms like this? Am I missing something?
I politely thanked him for responding and told him that I couldn't run a building 3 years with essentially no income.
Wasting time is not my cup of tea and I know that can burn me sometimes. Should I be approaching this differently? I'm mentally prepared for "no" but i'm not mentally prepared to be treated like I'm somehow lucky to work for nothing for 3 years.