1st creative financing
Im in the middle of this deal, He said he still has some mortgage, his price is 219k, its a multi family and I only have 5k in capital, but he wants to get rid of it he said, his last statement to me was: just make me an offer and we'll go from there.
it generates 3050 in rent a month.
what should I do, im excited and nervous
I wrote him this;
Thanks, I appreciate that, and I'm definitely interested.
Before I put an offer together, I just want to make sure I structure it in a way that works for both of us instead of throwing out numbers that may not make sense.
Would you mind sharing a few things with me?
Approximately what is the current mortgage balance?
What is the monthly payment (including taxes and insurance if you know)?
Do you know the interest rate?
Once I have that information, I'll put together a proposal for you to consider.
please help
Most Popular Reply
You’re asking the right questions before jumping in, which is a great sign. Don’t let the excitement make you skip the numbers. With $3,050/month in rent, the next step is understanding the mortgage balance, payment, taxes, insurance, repairs, and actual cash flow before deciding on an offer or creative structure. Seller financing or taking over payments could be worth exploring if the terms make sense, but make sure you have an exit strategy and enough reserves. Deals like this are all about the details, not just the purchase price.