I will start with a thank you to everyone for helping me with this. I'm negotiating with a seller on 2 properties that he is selling. I sent out yellow letters and he called me. The seller is retiring and is selling off his portfolio a few properties at a time. We have agreed on the price and are now talking about the details of the purchase agreement. The purchase price for both properties is $280,000 (the seller wants to sell them as a package deal). The properties are on the same street. I would like to talk to the seller about seller financing and since this is my first purchase I don't have any experience. In the earlier part of negotiating, we talked about it but when I told the seller that I would pay $285,000 if he would do seller financing he said that it wasn't enticing enough for him and for that price he would rather do all cash for $280,000. I would like to know that I did wrong, if anything? We did not talk about the interest and the payments. I would like to come back to him and revisit the possibility one more time but I don't know what to offer him.
Can you please help me with common interest rate, term, down and anything else that may be beneficial in getting him to be more interested.
Do I need to increase the purchase price?
Maybe I need to show him the numbers that he would be getting after 1 year and after 5 years.
Any advice would be appreciated.