Updated about 12 years ago on . Most recent reply
Motivated seller on rented duplex
I'm looking at a duplex I just found today about 30 min south of Chicago. Not quite the suburbs but a decent town. Seller is asking $35k but the property also had $12k in back taxes due. Obviously the taxes have to be taken care of before we assume ownership. Both units are rented out for a total of $1050/mo. Taxes are about $3200. The tenants pay for all utilities and apparently are great about paying rent and also do all maintenance (lawn, garden, snow, etc) which makes me feel better about being an hour and a half away but I know a PM isn't out of the question.
When I asked, the owner said he would be open to owner financing with a good down payment. I believe he is going to be pretty amicable given he has medical bills due and just lost his job. He also said he put in about $40k in renovations like kitchen, pergo floors, bathroom, roof, etc over the past 2 years. Given this, what thoughts does the collective conscience of BP have for me? Good deal, bad deal, no deal, what would you offer?