Owner Financing
I'm looking to get into the biz with as little initial cash outlay as possible. I've located a 5 unit MF property with great overall numbers (on paper), and the listing indicates that owner financing is an option. Understand that every deal is different, as is every owner, but curious if anyone has had experience with this type of financing. I haven't engaged with the owner yet, and was hoping to gather some insight from BP first!
If I can lock in a 3 to 5 year term somewhere around 5-6% interest with a baloon at the end that would be great; That would give me more than enough time to build equity and save the remainder to lock in more traditional financing. Any thoughts?