Help structuring a deal
This is my first post here, but have been reading a lot of the other posts and have learned a lot!
I have found a duplex for sale in my area which is currently rented out for 680/675 and the taxes are 923.00. They are asking 229,000, which is fair market value and they have are looking to do a 1031 exchange for another property across the street, which they are about to sign on. They said they would consider seller financing with a large downpayment. Now, I am trying to figure out some ideas on financing. I have received a few quotes on loans where a 30 year 100,000 loan (interst only) would have payments of about 1056.00. There is no way I'm going to have any positive cash flow considering insurance, operating expenses, and payments to the seller! I have about 35,000 in cash to work with, but would like to buy the house with as little down as possible and be able to have some positive cash flow from the start. Any ideas would be appreciated? Thanks!