Can you come up with a strategy to make this deal work?
Hello All,
I found a vacant four family in Connecticut. I mailed the owner in Manhattan. He contacted me. We discussed the property. I went to view it. It has been vacant for at least a year and a half. The radiators are busted. There is mold. Paint is peeling and other problems are there that you would expect for a house that has been left vacant for a long period of time.
This is the first time I have talked to a seller directly and I am not much of a negotiator. In the past, I just write an offer that works for me and then if they don't like it, I walk away.
This guy wants the appraised value of the house from 2013 which is 250k. Other four family properties in the area of sold in the 180k range. This is in a better spot and the units are bigger, but it is certainly not in 250k condition.
The seller also thinks it can rent for $1000 for each unit. I am currently getting $750 but could probably get $800 for units of similar size and quality.
I asked if he would be interested in seller financing and he said yes.
How would you make this work?