Buying on seller financing for my rehab
I recently was working with a seller and gave her 2 offers. One all cash for $100,000, and another offer for $110,000 but she would carry a note, and get paid when the project was finished. She didn't seem interested at all, and said just send me something in writing that explains this. I never bothered cause I could tell she was going to waste my time. However, she called me after about a month and was wondering why I never sent her anything.
So my question is, whats the best way to structure a deal where she gets paid 110k for the house, but on the back end, after I fix it up and sell it to a retail buyer.
Secondly, how best can I describe those terms to her so she can understand it. The answer to the first question may sum up the second question, but I had to ask.
Thanks in advance. I know there are some creative studs and studets who have put these deals together. Would love for you to share