Tips on how to structure this owner financed deal
Hey all,
Need advice on how to structure this interesting deal. It's a 6 unit building that is in need of a total rehab (already gutted to the stud) I have a partner that will cover the entire rennovation about 180k. Once rented the property will have a GOI of $68,400 with very low taxes about $4,000. The company I work with has about 20 units in the area 100% occupied and just picked up another 18 units and they never stay vacant for more than a few weeks.
I don't want to miss out on this deal!
The seller lives out of state and is very motivated and offering owner financing told me: "I just want to sell, you can structure your offer totally in your favor, it's fine!"
He's only asking 135k but I can get him lower. Trying for 100k-110k.
I've never done anything owner financed, so my question is what's the best way to set the deal up that benefits me the most and will allow me to pull a mortgage as soon as possible.
Thanks in advance.