Requesting advice on buying a home seller finance
Hello, I recently stumbled upon a home in zip code 76102 which had an old school For Sale sign in its front yard. The home is on a 10,000 sq. Ft lot zoned "H" which has no height or zoning restrictions. The home is literally surrounded by townhomes and one unit (3bed 2 bath) being sold for 750k. I got in touch with the seller and he has taken a liking to me and has told me he is interested in selling to me and will give me Tim to figure out financing. When I asked for a number he had in mind, he responded with saying that he had turned down an offer for 500k (zillow estimate 252k). The owner of the home walked the property (built 1905) needed a lot of work. Good bones, but needed a/c, a new roof, flooring, etc. my vision would be to demo it and build four units. Ideally to hold and rent and live in one unit if possible. I have access to 45k via my 401k and also have around 40k in equity in my primary home. After the owner and I walked the property, we left on good terms and When I asked for a sales number, he mentioned that he needed to talk to his wife. That it was more about the person he was working with rather than a price. I'm excited for the potential opportunity but ultimately lost as to how to go about acquiring the home and turning it