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.
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.
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