Would you do this deal?
I have a seller looking to sell their duplex. Here are the stats:
-Recently appraised for $330,000
-Rents are $2550 total
-Tenant pays utilities except water and sewer
Perhaps $200 for both a month
-Seller has a retaining wall issue he claims to have a bid from a contractor for-$8800
-it was a flip that didn’t go as well
-looking to get rid of it and pay off $200,000 in loan debt, and $50,000 in CC debt.
Thoughts for seller financing or private money offers?
My best thought was to buy the property for $250,000 -$275,000 through my broker. That would pay off everything he needs and give us some room for equity. Not sure if he would take that but it could be worth a shot.
Any suggestions or thoughts are greatly appreciated.