i met a landlord who owns several rentals and is selling some of them.
here's the numbers on one
asking 95k needs carpet replaced and 2k to get rent ready
rents for 900-1000/mo
i want to make 2 offers one cash one terms
this will be my 1st terms offer and im anxious and I don't want to butcher it. I will also want to buy the other rentals she owns
what would a terms offer look like in numbers for this one? i appreciate your feedback
I usually offer with a letter of intent that outlines 3 scenarios.
Dear Seller, I would like to express my sincere interest in purchasing your rental house on x street. I found the location and ..... very agreeable to my needs and I look forward to working with you!
Cash or loan proceeds. No realtors or endless showings. 88% of asking (very specific number with no zeroes)
Be the bank. 10% down, market rates, payment of $600 per month automatically to you from a local servicing bank. 95% of asking price, but no zeroes.
Lease option. 30 months, $600 a month 1.5% consideration. Asking price.
Something like that. Adjust percentages to how you feel. If they choose an option, draft a formal PSA or option and go under contract!
@Steve Vaughan thank you! really appreciate that.
I met the owner a few hours ago and made an offer but she doesnt want to hold a note she wants all her $ now. I am one no closer to yes now