No to low money down

[Andrew Weitzel]

Hello BP friends, I looked at a student housing duplex today which is a solid property. The listing price is 92,500 which ideally do not want to pay that but I could cash flow on that if it was filled to 75% capacity. I guess my real question is financing options on this property. I have very little saving but I do own a home however it has very little equity in it. Here are my thoughts: 1. Low ball offer or come up with an agreement and put 20% down 2. Refinance current home (I can only get 14K out in equity but it puts my current mortgage up 175$ and takes it from a 3.5% interest rate to a 6.25%) 3. Put a heloc on my current home (not sure if it is possible yet) 4. Seller Finance (which this is what I really want to do) I have looked it up but I am having trouble to understand the details of it. I know pretty much that the seller becomes your bank. I am needing some help answering these questions. How does the interest work? So if we have an agreement of 6% APR let's say 15 years. How would I figure out the P&I? So I can explain to seller that he would make more money this way and how much money he would make? It would be a win win. I just want to understand it because I can't communicate it until I fully understand it. Thanks in advance for your help!! You all are AWESOME!!

[Steve Hodgdon]

@Andrew Weitzel start with an app fot an HP10bii calculator for your phone. In a day development sells it and has online training on their site. Talk to the owner. What are his goals? Our goals don't matter until we know theirs.