Updated almost 14 years ago on . Most recent reply
Need Help!
So, a seller calls me up wanting to sell his property because him and his wife/girlfriend have split and he has been waiting for disability checks for 5 years. He has a "contract for deed". He owes $9500 on it. Monthly payments are $500. His minimum asking price is 59000. He believes it is worth 89000. Just looking at the numbers and assuming everything is true, how can I structure a deal to purchase this house from him, with little to no money down? Oh, yeah, he says there are tenants currently living in the house and they have been on time every month. They are paying $650/mo., but according to rental rates for the area, it could probably be rented for $1300/mo. It's a 4 bed, 1 bath.