Would you do this deal?

1 Reply

I have a seller looking to sell their duplex. Here are the stats:

-Recently appraised for $330,000

-Rents are $2550 total

-Tenant pays utilities except water and sewer

Perhaps $200 for both a month

-Seller has a retaining wall issue he claims to have a bid from a contractor for-$8800

-it was a flip that didn’t go as well

-looking to get rid of it and pay off $200,000 in loan debt, and $50,000 in CC debt.

Thoughts for seller financing or private money offers?

My best thought was to buy the property for $250,000 -$275,000 through my broker. That would pay off everything he needs and give us some room for equity. Not sure if he would take that but it could be worth a shot.

Any suggestions or thoughts are greatly appreciated.

Warmly,

Holly

I would need my own contractor to look at that retaining wall. Forget what the seller says about it, I need someone on my side looking at it.

If my guy didn't turn up a laundry list of issues, it sounds like a decent deal. What are the terms of his loan? Maybe you can take over payments or something. I'd also want to make sure the tenants are actually qualified and paying.

Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!

  • Actionable advice for getting started,
  • Discover the 10 Most Lucrative Real Estate Niches,
  • Learn how to get started with or without money,
  • Explore Real-Life Strategies for Building Wealth,
  • And a LOT more.

We hate spam just as much as you