wilkes barre owner financing
Hello everyone! I just wanted to discuss a seller finance 3 unit im getting ready to sign a contract for.
Ok so its 5 sisters who lost their mom 2 years ago and they finally decided to do something with the property.
They we're asking $85k i offered $60k they countered at $80 and we settled at $70k
Its 3houses on 1 lot. All 3beds and 1bath. 2 of them are currently rented and bringing in $1310 monthly. The one house the mom lived in can use a little upgrade to the kitchen and bathroom and paint everywhere. Which will bring in a total of $700 when all done. One tenant's lease will expire next month, but she is willing to stay on a month to month agreement and will give a 2months notice before she moves.
The taxes are $3900 ins. Is about $1550 and another $160yearly for the furnaces and hot water heater warranty.
They are willing to hold a note if i put 25% down 4% interest 30year amortization and 3year balloon.
I feel pretty good about the deal but i want to get other opinions before signing on the dotted lines. Any advice?