No money down seller financing
I already posted a question about this, but maybe i made it too confusing of a question because I got no replies.
So here is a more basic version of the same question.
I currently am renting a house with somewhat of a deadbeat landlord. And he appears on paper to have plenty of equity in the house. The house needs a decent amount of work that would No Doubt set him back some cash. [Roof, plumbing, driveway]
I would like to offer to buy the house from him and see if he is willing to finance the deal. The problem is I don't have a down payment.
The question is... What's the best way to structure such a proposal?
The house is in Hayward California most of the comps in the area are going for about $420 k. He bought the place for $70k and then pulled some Equity out for about $120k...about 15 years ago so if he's making all the payments he should be close to halfway done, or better.
I'm sure renting out the property is nothing but a cash cow for him... So talking him out of it might be difficult, but I'm willing to try. Any suggestions on how best to make this a win-win proposal?
I've lived in the place for about 8 years and pay $1,500 rent... which is ridiculously cheap for the area... In case that matters
Thanks in advance for any insights or advice.