New to the BP community, looking to meet some interesting motivated people around the Saint Louis and Saint Charles County area.

As part of the due diligence/closing process, be sure to get the Estoppal letters from each tenant and compare to what the landlord/seller is saying.Be sure to understand how those deposits have to be held by you in the future.

We pay interest only payment of $1000 (380k loan amount) to the seller and will balloon in 48 months (30 months to go).

Another way people do this is if bring 50k, the seller owner finances 50k and the bank does the rest.Hope this helps!

Adam Garza I assume the person who wants to buy it will have contingencies and most times a seller is selling to a wholesaler for quick sale and no contingencies - In this instance what value are you providing over having them list and sell with an agent ?

I do have good credit so wondering I should just go to the bank for a loan for my first property or should I jump into wholesaling or seller finance options. 

I have an off market 2 unit property in Oakland in the pipeline from a previous seller I've worked with that can also be a value add. 

One of the sellers has a tenant in the property already, making it the first priority out of the two.

This will help you in a few ways - it'll help keep you motivated to find a property (so you can have your own space) and allow you to build your war chest (as cheap/free rent means you can sprint towards any savings goals). 

This will increase the sellers transaction cost which will increase the purchase price.