Sellier Finance/ Short term rental
Hello, new to the bigger pockets forums. I'm looking to make my first short term rental deal using seller finance. I was able to find some sellers offering some deals with seller finance. I was hoping to get some good insight on how to negotiate these deals to make this a good deal for myself. One seller is offering :
$10,000-$15,000 Down, 12% Interest, 15-Year Term, 15-Year Amortization, 10-Year Prepayment Penalty, Can Sell with Assumption of Loan (After a Certain Number of Years Owned) in Reduction of Years) The price of the unit is at the high end of the market as well.
The other seller is offering:
(25% Down, 9% Interest, 3-Year Term, Interest Only, Willing to Amortize, 1 Point at Closing on Loan Amount. Also asking for a high end price for the unit.
I would love some insight on how to negotiate these deals to make a good deal for myself as well as the seller. I will also add these are vacation rentals, short term rentals. IM ALL EARS