Would you do this deal? How would you structure it?
Spoke with a lady selling her rental property and said she would owner finance.
Property ARV $195,000
Long term renter paying $950 market should be about $1200
Renters lease is up in March.
Said she knew it was worth about 195k but would discount for not using agent etc. Sound like she would work with numbers a good bit but not highly motivated.
She would want a 4.5 - 5% interest rate. Down payment was not discussed.
What would you do with this deal?
Potential rental?
Lease option/finance to another buyer?
What terms would make it work for you? If at all.