Updated almost 3 years ago on . Most recent reply
Questions on an interesting Seller-financed deal
Hello Real estate champions,
Tomorrow I am meeting with a potential seller on a 2-unit , seller financed propriety and need some advice.
Pros:
Seller is older, tired of dealing with tenants, owns the house outright, doesn’t “need” money, and told me he wants to sell.
“Cons”:
Upstairs unit is in the middle of an eviction process. The unit is wrecked and will need a light-to-medium rehab. I don't know cost of rehab thus, I can't figure selling price, ARV, nor cash flow projections. Because of this lack of info I can't make an offer.
All the “signs” for a seller-financed deal are there. Being this would be my first seller-financed and rehab deal, I am seeking advice on how to approach this deal since we can’t discuss terms before we can figure a selling price, and the pending eviction restricts access to the upstairs unit.