HELP!! With seller financing on a 9 unit!!
Need help with seller financing!! I'm looking to BUY a small 9 unit complex. The seller is older and would like this to basically help with retirement. He's even willing to go 2% interest!! But he wants around $250k for the complex... need some advice on how to structure the deal AND what price I should counter with. Basically need help with structuring the deal and possible value adds on the deal. Below is info on the property and I will attach financials shortly.
- each unit rents for $695-$750 a month
- almost always 100% occupancy
- currently ALL bills are paid
- built in 1930s but its actually been updated and in good shape
- had a fire from a candle 1.5 years ago and that's the reason for the recent high repair costs etc.
- 2014 net income was $25k
- 2015 net income was $34k
- 2016 net income projections are $40k
- owns stove and fridge in all units
- does all repairs and maintenance himself
Most Popular Reply
How much does he want down. Terms are more important then price. I would give him what he wants.