how to put #'s together for seller financing options

[Nick S.]

i'm working to negotiate on a property from a friend (seller). the seller has been fairly set on their price, but they also are tired of sitting on a vacant property for the past 2 years due to lots of city violations from the property being a rental. nothing has been done to the property for those 2 years so there's a city violation notice on it. property now needs essentially a gut rehab.

property value as is realistically around 85k, but seller has been, imo unreasonably, wanting 115k for a while. however there is a mortgage on the property (so not free and clear) and i know one of the things that the seller wants to do with the money is to pay off the mortgage. i have no idea what the mortgage amount is. i also am confident there's no other issues such as tax liens or back taxes.

repair around 60k

arv around 185. my primary goal is to flip after around 3 months of work

i do not want to do a 203k loan because of the paperwork mess that comes with it and a conventional loan is absolutely not possible. given the current conventional loan rate is 3%. i would love some help on the numbers i can present. i just do not know how to calculate the monthly payment that i would ultimately pay the seller. something like this:

1) cash 50k

2) 70k(?) @ x% /30 Years with 10 year ballon if desired by him. $x month.
2) 90k(?) @ x% /30 years ...........same...............
3) 115(?) @ x% /30 years ........... same.............

thanks

[Derek Dombeck]

Everytime I make a terms offer, I make sure the seller understands the importance of us working together to benefit each other. One of the requirements, is they need to be honest with me about ALL the numbers, including their debt. If you new the terms of the debt, you could possibly buy the property subject to the existing loan and give them cash for their equity. Or, you could structure an option to purchase. Or, 20 other possible structures..........

My point is, you need more details about their situation and goals.