Taking the Multi-Family Plunge - Owner Finance Question
Ok. Have run the numbers six ways from Sunday, driven the neighborhood, talked to local investors, asked a few questions here, read a ton of forums and here we go. We have the opportunity to buy a group of duplexes/garage apts that are in our usual territory. We can do the deal with our bank but 20% down will take all available cash. Owner is somewhat open to financing so thinking of going for one year owner-fi at 10% down then rolling note to bank in a year, using equity in the property to get to the 20% down the bank will want. The banker has blessed this notion.
What all needs to be in the offer? We have a list but don't want to miss anything.
We have a RE attorney who we would rely on for final contracts and a good relationship with a title company.
Thanks for the help.