Seller Financed Condo Deal - Atlanta
Hey guys,
I've been looking at duplexes to house-hack in the area, but the owner of the condo that I'm currently renting is looking to sell and we've been negotiating on a possible purchase now. I know condos aren't the greatest investment because of the HOA fees, risk of special assessment and HOA fee increases, and because they don't appreciate too well. The attractive thing about this offer is it would be seller financed with a minimal down payment. The minimal down payment allows me to be able to still invest in a multi-family this coming year with 20% down, except both units would be rented out.
Here's the deal:
Purchase Price: 94k
Down: 1k
Monthly: 700
132 Payments
Late Fee: 35
No Pre-Payment Penalties
Due on Sale Clause
Fully Furnished
HOA: 249/mo
Taxes: 656/annually
Insurance: 350/annually (covers full price)
Comp condo sold in September for 85k and another is pending now at 75k.
I haven't factored in closing costs yet, but most of that will center around title transfer only. Current owner owns title free and clear, no existing mortgages or liens, no back taxes, and currently no insurance on the unit.
HOA doesn't allow renting of the units. Only reason I'm able to rent now is because I'm renting a room and the unit is owner-occupied.