I am in negotiations for a triplex . The asking price is 225k . I want to offer 200 , traditional financing or 225 seller financing . How should I go about presenting the seller financing options to the seller as well as calculating my cashflow if she does not accept interest only payments?
@Carlos Velez Do you know why the seller is choosing to sell? If it is because they are a tired land lord and just don't want to deal with the calls and the hassle of tenants, then you probably have a good shot. If she is selling because the cash is going to be used for something else, you aren't going to get far.
I doubt an interest only payment will be an option. Does the seller have a current mortgage? You will have to make sure your payments are probably $300/month over what she is currently paying for it to really be worth her time / trouble. If she own's it free and clear then interest only payments may be an option. I would run a check if there is a current mortgage on the house.
Present both offers in an email and spell it out but I would get the above information first so you are able to make the right offer. If you make the wrong one up front, it may end the deal before it starts.
Good luck and I hope this helped give you some guidance.
Thanks! @Ryan Blake This was really helpful.