Jackie suggested I put my deal on this forum, I hope I find the help I need.
I spoke to an owner who is selling his house for 329K (long island) and I suggested owner finance, he agreed, but these are his terms: (I will keep it short and simple) Two family house (1brm/1bth over 2brm/2bth ) that brings in 3,500 a month
50k DP
10 year payment at 5%, balloon balance at 5 years.
Now these terms don’t work for me at all, it would actually put me in -200 cash flow.
My terms were:
50k DP
Flat fee of 1000 a month to owner over 10 years with a buyout of 160k
My initial goal is to buy and hold, however, if the market is good after 5 I would be willing to sell.
I may sound super foolish right now, but I am a complete newbie, all advise is appreciated!
I believe I can still strike a deal with the owner if I/someone can come up with something creative, any and all suggestions welcomed.
Thanks,
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