Got an accepted offer:a big 0 down seller finance deal! Now what?

[Michael A. Davise]

I've had an accepted offer on my second property now: a huge seller finance deal. Now what?

I have a one 4 family in NJ so far and now I'm tackling NYC in the Bronx with a big multi family over 3 times the price of my owner occupied 4 unit investment in Irvington, NJ.

The offer was accepted at 775k for 0% down with a monthly payment of 4k for 60 months. The deal I offered also comes with a $16,700 balloon payment every year that $16.7k going towards equity in the house for a refinance at the end.

i want to secure the property with a deed and move efficiently. I've found an NYC RE attorney to help with the terms sheet and everything else, but id like to know how to avoid getting nickel and dimed by my attorney or seller so i can do what i can on my own to save money. 

Feel free to ask question or offer advice! Thank you!

[Matt K.]

You're close to 5,400 a mo just on payments to this guy alone... How much is tax/insurance going to run you? That's before we even take into account any other expenses that should be accounted for... Little bit of bad luck/vacancy going to add up really quickly... lot faster than the cash flow coming in. A projected cash flow at that...