Seller Financing Question
We have the opportunity to buy a property using seller financing, which is requiring 10% down on a 535k property. The property itself is a level of commercial space, a level of 6 completely re done residential apartments and then and attic and basement that are empty and could be made it to storage units or something else. The numbers make sense, each month prior to any updates we would make good money. Our hesitation is, it is a small town an hour outside of Minneapolis and we think about an exit strategy- is there a market of people to buy something this? We wouldn’t plan to sell but if we had to, could we? Also, it is a 4 level, 4700 sq ft per level building and we wonder about the future repairs and maintenance that could be come. The building is in good shape now, but a small thing can be very expensive on such a large building. So is the cash flow worth it, despite the location, potential repairs?
Thanks!