OWNER FINANCING A $1,000,000 HOME- GETTING THE DEAL
Hey everyone,
So i'm seeing the owner of a property that is priced at $1,045,000. He's willing to owner finance it but after going through comps with my RE agent partner, the house wouldn't get any action unless its in the high $870Ks to low $900Ks. The seller is already selling it at a loss as he bought it in 2009 for $1,120,000. The house is free and clear. There is about $50,000 in repairs that need to be done but he is including a $50,000 "gift certificate" to cover those repairs, which is pretty sweet.
I definately know I can make a profit fromt his home when I put a buyer in it, but how can I convince him to go down below $1M? Hes already retired and a monthly cash flow for him will work for him. I just dont know how to suggest lowering the price even more. Any advice?