I have a questions for y’all
I recently found a deal with 7 houses and a duplex, he is doing seller financing at a 5% rate.
He is asking $260,000, with a $50,000 down payment, approximate value is $450,000
There are repairs that are needed.
The problem is I recently bought a house at $450,000 so I cannot afford all the houses.
I have about a $10,000 down payment saved up.
Also are there any good strategies to ask him to split up the deal?
How would it work with seller financing?
Would he check my income, liabilities, credit?
Find someone you trust to partner with.
Offer him $10,000 down and then all cash flow until you reach the $50,000 down.
Do a Master Lease where you lease the entire building so he gets guaranteed income. You collect the rent from the tenants, saving any cash flow to build up funds and then purchasing in 1-2 years.
There are some creative ways to do it but I don't know if you're in a position. You don't want to spend your last dime to purchase the place because there's almost certainly going to be unexpected costs your first year of ownership. Having a reserve of $10,000 or more is necessary to keep from going under.
Keep saving and keep looking.