?Creative Financing Question
I’m looking at a property that seems like it will be an alright investment for me to buy and hold. The owner is looking for $170k and I can get $1900.00 a month in rent for it. The owner also has a second property that they are looking to sell and from what I can tell it’s very similar to the first. I’m told that the owner is VERY motivated. So here is what I’m thinking, and please let me know if it sounds like a bad idea, or add any comments that you would like:
I can finance one property using traditional financing, and I’ll even give him his asking price, if he is willing to owner finance the second property with terms that are favorable to me. This gives him the cash up front from the first property, gets him out of the properties, and allows me to pick up two properties when I otherwise would normally only be able to pick up one.
Will this work? How would you structure something like this? Do you need more details?
Thanks in advance!