I have a seller who is interested in selling his two family home, 750K with each unit rented at 2,300. I'm familiar with this area, he's a little high with asking so don't feel this is the price I would pay - more like 650K, however I don't have the 25% down to buy it with conventional financing (I have @10%) seller tells me he is open to seller financing, maybe that's why he has higher price point....but I'm not as familiar with creative strategies, any ideas on how I could structure this deal creatively with seller financing and then pay him off at some point?
Thanks so much for any input.
@Dolores Waldron I've seen the gambit on seller financing. I've seen 0% loans and I've seen craziness. It's totally up in the air. I think to advocate on your behalf here it might be good to know what your priority is. Meaning, is it more important to have a lower monthly payment? What if he could get you in the home at 0% down? What if there was NO monthly payment? I've seen some people offer "8% with a monthly payment or 10% with no monthly payment (so they get paid when you sell)" but leave the choice to the seller. There are hundreds of options here.
@Andrew Postell , thank you for your input, yes, that seems to be what I am reading - endless options :o
Our intention would be to have this as a buy and hold for long term, with that I think ideally we would like it to work with 10% down @ 5% over 30 years...similar to a conventional because that's what I understand best.