land contract, help me structure this deal.
hello everyone,
here is the deal
there's a person selling 2 apartment buildings totaling 25 unit at an asking price of 425k a piece. my only experience has been purchasing properties cash or with a 30% down payment commercial loan. my insurance agent happens to know these people and suggested a land contract. I've heard of land contracts but never actually structured a deal with them. I talked to the sleller and suggested it, he had never heard of it and is very skeptical but was not completely against the idea. I need to come up with deal that is very enticing to seller, and to me of course. here was my plan
make a deal where he sells both of them to me with 5 year purchase plan however I would purchase 1 first in 3 years with the 2nd one 2 years after. I would go through my credit union with again a 30% down. by then I would have the downpaymeny as I currently have all of my capitol invested.
how would you structure this deal. the seller is looking to get the money sooner rather than later.
I can figure out the expenses and income. however I can provide it if need be..
thank you!