Creative strategy or just no deal? Help please
Hello all. I'm a newbie looking for advice. Here is the deal:
3 bed 1 bath 1100 sf ranch style home on a slab foundation with one car attached garage. 7 out of 10 subdivision for the area. 10 out of 10 schools in the area. New roof last year.
Appraised two months ago for 76000
Asking 65000
Approximate rent 650-700
No repairs needed. Very clean. Ready to rent
What I need help with is financing. I've proposed seller financing but was turned down as the owner has a property they want to buy and claim he needs the cash. The owner has a very small mortgage on the property. My next idea is to see if the owner would do partial financing.
Do I stay after this or is it too risky or not enough meat to buy and hold?
Thanks for the help